Kuehne + Nagel’s net income rose 6.3 percent in the second quarter, driven by increased ocean container traffic and efficiency measures that cut costs.
The Swiss global logistics group booked net income of 153 million Swiss francs ($160.7 million) against 144 million francs ($151.2 million) a year earlier on a 1.1 percent increase in net invoiced revenues to 4.37 billion francs ($4.6 billion).
Earnings before interest and taxes were 8.2 percent higher at 197 million francs ($206.8 million).
“The results .... underline that the measures introduced to improve efficiency on a group-wide level are effective,” chairman and acting CEO Karl Gernandt said.
Container volumes grew 3 percent in the first six months, with strong growth in the intra-Europe and intra-Asia trades offsetting stagnant Far East-Europe traffic. Ocean revenue was up four per cent in the first half at 4.48 billion euros ($4.7 billion).
Air freight traffic grew 3.7 percent in the first half, driven by record volume growth in April and strong exports from Europe, North America and Asia, even as the global market stagnated. Revenue was up 4 percent at 2.06 billion francs ($2.2 billion).
Road and rail logistics revenue slipped slightly in the first half, but the company is eyeing growth and improved margins in the pharmaceutical, high tech, automotive and industrial sectors in the second half.
“Although we do not anticipate a significant stimulation of global trade in the second half of the year, we will continue to focus on profitable growth,” Garnandt said.