Sales fell 19 per cent at Kuehne + Nagel Group in the first quarter of 2009, reflecting the difficult trading conditions. However, cost cutting and increased sales activity mitigated the impact on profits. Operating profit (EBITDA) was down 12.2 per cent to £134m (CHF230m).
Volumes were down 13 per cent in sea freight business and 20 per cent in air freight. There was also a 20 per cent fall in volumes in the road and rail logistics division while Contract Logistics also saw declines in volumes and margins.
Reinhard Lange, CEO of Kuehne + Nagel International AG said: “Since it remains impossible to predict by when the global economy will recover, we will adhere to our dual strategy of rigorous cost control with a commitment to market share expansion.”
K+N resilient in face of market slide
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