October 19 - Kuehne + Nagel reports that its earnings grew in first nine months of 2011 by 1.1 percent despite the softening freight market.
The company saw improved ocean container and air cargo shipments which took earnings to USD508.5 million for the period, contrasting with a 3.8 percent reduction in revenue to USD16.35 billion.
Kuehne + Nagel said operating profit fell 2.4 percent to USD815 million but was 11.5 percent higher than a year ago after adjusting for the strength of the Swiss franc.
"Considering the softening market growth, we are satisfied with our results in the first nine months of 2011. Volatility is high and the fourth quarter is expected to remain challenging," said Reinhard Lange, CEO of Kuehne + Nagel International AG.
With ocean container traffic increasing by 14.5 percent for the period, K + N said that growth was particularly strong outbound from Asia to the Middle East and South America.
In the first nine months, the company said airfreight tonnage increased 14.5 percent with this unit performing well in Europe, South America and North America, while demand in Asia fell.