Kuehne + Nagel Q1 profit up 28.2%
Swiss freight company Kuehne + Nagel posted a 28.2 per cent rise in first-quarter net profit to 130.3 million Swiss francs yesterday ($163.2 million), boosted by strong performances in its sea and air freight units.
The group confirmed its 2007 objective to continue to grow at double the market average in sea and air freight, while maintaining high margins in both business fields.
'We expect the economy to grow and therefore we see our volumes growing too (in the second quarter),' chief financial officer Gerard van Kesteren said.
Gross profit rose to 1.422 billion francs from 1.231 billion francs in the year-earlier period, while turnover rose 13.5 per cent to 4.87 billion francs, the group said in a statement.
The gross profit figure is a key indication of what the firm earns after the deduction of customs, security surcharges and freight rates.
Kuehne + Nagel does not run its own fleet of container ships or cargo planes.
'The company's air freight operations delivered excellent results for the first quarter. Despite a lower than expected market growth of between 3 and 4 per cent, Kuehne + Nagel was able to increase the demand for its innovative air freight solutions and raised volumes by 13 per cent,' the group said.
Kuehne + Nagel, which competes with Deutsche Post and Switzerland's Panalpina, has benefited from increasing global trade volumes and demand for advanced logistics.
The average estimate in a poll of 10 Reuters analysts for net profit was 118.5 million francs.
The group confirmed its 2007 objective to continue to grow at double the market average in sea and air freight, while maintaining high margins in both business fields.
'We expect the economy to grow and therefore we see our volumes growing too (in the second quarter),' chief financial officer Gerard van Kesteren said.
Gross profit rose to 1.422 billion francs from 1.231 billion francs in the year-earlier period, while turnover rose 13.5 per cent to 4.87 billion francs, the group said in a statement.
The gross profit figure is a key indication of what the firm earns after the deduction of customs, security surcharges and freight rates.
Kuehne + Nagel does not run its own fleet of container ships or cargo planes.
'The company's air freight operations delivered excellent results for the first quarter. Despite a lower than expected market growth of between 3 and 4 per cent, Kuehne + Nagel was able to increase the demand for its innovative air freight solutions and raised volumes by 13 per cent,' the group said.
Kuehne + Nagel, which competes with Deutsche Post and Switzerland's Panalpina, has benefited from increasing global trade volumes and demand for advanced logistics.
The average estimate in a poll of 10 Reuters analysts for net profit was 118.5 million francs.