The Kuehne + Nagel Group today reported its net income in the first quarter of 2013 was 134 million Swiss francs (about US$144.1 million), jumping 97 percent from $73.1 million in the same quarter in 2012.
Quarterly turnover was $5.5 billion, improving 5 percent compared with $5.2 billion in the first quarter of the previous year.
The Schindellegi, Switzerland-based logistics company increased its first-quarter sea freight container volume by 2.3 percent year-over-year. Although trade from Europe to Asia declined, and only improved moderately in the opposite direction, most other routes’ volume rose between 5 and 10 percent, Kuehne + Nagel said in a written statement.
The company’s air freight business realized a 5 percent increase in volume for the quarter, driven by demand for Asian exports and a moderate increase in tonnage in outbound traffic from Europe.
Meanwhile, Kuehne + Nagel’s contract logistics unit’s turnover rose by 2.5 percent versus the first quarter of 2012. However, the road and rail logistics sector was negatively impacted by the European economic situation, as well as adverse weather conditions.
“Particularly in view of the recessive economic situation in the eurozone, which also poses challenges for our company, we can be quite satisfied with the results of the first quarter 2013,” said Karl Gernandt, chairman of Kuehne + Nagel International. “The measures introduced to increase efficiency and improve profitability are working effectively, underlined by the performance of the business units air freight and contract logistics.”
“Growth opportunities will arise mainly in regions outside of Western Europe,” he continued. “In the first quarter of 2013, we have seen positive developments particularly in North America, Middle East, Eastern Europe and South Asia.”