The Kuehne + Nagel group (KN) began a return to growth in the first quarter, after experiencing a turbulent year in 2009.
Compared with the first quarter in 2009, turnover for the group increased by 7.3% to Sfr4.6 billion (US$4.3bn), with ebitda almost stable at Sfr228 million and net earnings up 2.3% to Sfr131 million.
KN’s sea freight arm saw demand grow significantly, with an estimated market growth of 12% and container volumes up by 17%.
Continued rate increases, however, kept profit margins under pressure.
After experiencing a double-digit slump in tonnage in the first quarter of 2009, KN’s air freight division saw volumes increase by 31% in the first three months of 2010.
KN’s road segment recorded a 3.7% increase in turnover; its operational result more than doubled and the ebitda margin reached 2.2%, up from 1% in the first quarter of 2009.
“In the first quarter, the European road transport market was characterised by volume growth under sustained pricing pressure and fierce competition. KN, however, managed to stand its ground,” said the company.
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