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Kuehne + Nagel doesn't expect market recovery just yet

July 20 - Kuehne + Nagel says that its half-year results confirm the Group's dual strategy of counteracting the economic crisis through strict cost management and a commitment to market share expansion.

The company's gross profit was only 6.7 per cent below (currency-adjusted: 2.5 per cent above) the figure for the previous year's period. The operational result (EBITDA) decreased by 12.1 per cent (currency-adjusted: by 6.2 per cent) and net earnings by 16.2 per cent (currency-adjusted: by 11.8 per cent) to CHF 258 million.

In a statement on the company's website, Reinhard Lange, chief executive, said he forecasts the drop in the market volume for airfreight to be somewhere in the middle of the 15% drop forecast by competitors, while he expects seafreight volume to slip 10% in 2009.

For the second-quarter ended June 30, the company said its oceanfreight volumes increased 10equentially, as did air cargo volume, because the company increased market share.

According to the website statement, the company continues to mull acquisitions, which might include acquisitions to support niche activities, similar to the company's purchase earlier this year of Norway-based J. Martens, which provides services to the oil and gas industries.

The statements reveal little specific information about Kuehne + Nagel's activities in regards to project forwarding logistics. 

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