Kuehne+Nagel saw operating profit fall in its contract logistics business in the first half of 2015 as a result of volume reductions in existing business with customers in Western Europe and the restructuring of customer businesses in the United Kingdom.
It said EBIT in the contract logistics business fell by CHF 14m to CHF 56m compared with the same period in the previous year.
But that was offset by profit improvements in air and sea freight.
It gained market shares in the US import trade lanes as well as in the LCL business. Gross profit per TEU increased by 4.4 per cent. In comparison to the previous year’s period EBIT increased by 8.5 per cent.
Airfreight saw a 5.2 per cent increase in tonnage. EBIT increased in comparison to the previous year’s period by 11.5 per cent.
The result in the overland business remained stable. EBIT decreased from CHF 16m in the previous year’s period to CHF 14m in the first half year of 2015.
Group EBIT rose from CHF 396m to CHF 410m. Net turnover was down from CHF 8.5bn to CHF 8.2bn.
CEO Dr Detlef Trefzger said: “Given the demanding market environment and currency volatilities, we are very pleased about the development of our results in the first half of 2015. The solid performance in seafreight and the increased profitability in airfreight are to be highlighted. Due to our proven business model and the consistent implementation of our global strategy, we were able to increase the earnings for the period despite the stronger Swiss Franc.”