Kuehne & Nagel first quarter profit down

Schindellegi, Switzerland: Kuehne & Nagel reported a 14% decline in first-quarter profit due to a one-off anti-trust fine and cost pressures but said it is confident intensified cost management will improve the second-half performance.

Turnover at  CHF4.83bn remained stable compared to the previous year’s period with currency adjusted increase of 5.4%. Gross profit improved by 3% (currency adjusted by 8.1%) to CHF1.5bnwhile the operational result (EBITDA) declined by 12% to CHF218m, including the one-off item for the antitrust fine to CHF153m.

Net earnings decreased by 14% to CHF133m  including the one-off item to CHF 68m.  “In the first quarter we had to cope with a number of adverse factors,” said Reinhard Lange, chief executive Kuehne & Nagel.

“We will counteract this trend with strict cost control and measures to improve productivity. Furthermore, profit margins declined in sea and airfreight. In addition, there are one-off charges due to a high antitrust fine, which was reported on March 28, 2012.

“As a consequence of the first quarter experiences, we have intensified our cost management, and are confident that the measures implemented as well as solid growth will contribute to an improvement of results in the second half of the year,” said Lange.

WORLD NEWS

New controlled environment construction firm launches

Trabuco Canyon, California, USA: Vince Free has set up Freez Construction, a thermal contracting firm. Freez Construction builds “cold storage thermal envelopes within the controlled environment …

READ THE FULL STORY >

Walmart to spend $1.2bn to upgrade logistics in China

Dongguan, China: Walmart has pledged to spend around $1.2bn to build or upgrade more than 10 distribution centres in China over the next 10-20 years. …

READ THE FULL STORY >

OSHA and GCCA renew partnership

Washington, DC, USA: The Global Cold Chain Alliance and the Occupational Safety & Health Administration have renewed their alliance. “We are excited to continue our …

READ THE FULL STORY >

Ceva Logistics plans move into cold chain

Baar, Switzerland: Swiss company Ceva Logistics is planning to develop “value-added sectors such as cold chain logistics”. The move, revealed when the company presented its …

READ THE FULL STORY >

WHAT’S ON

  • Pharma and Biosciences Conference
    The Cool Chain Association Pharma and Biosciences Conference takes place on 23-24 September 2019 in Paris. Contact: www.caasint.com

Latest Tweets

Thank you for the thank you. twitter.com/purplegator/st…

© 2019 Global Cold Chain News | Terms of use | Privacy Policy
Commercial Transport Publishing Limited, registered in England and Wales, Company No: 6453302. Registered Office: 6 Corunna Court, Corunna Road, Warwick CV34 5HQ