Kuehne & Nagel successful first quarter in 2002
In the first three months of this financial year, the Kuehne & Nagel logistics group (KN) headquartered in near Zurich (Switzerland) has achieved a <> result, as the company reported in its press release.
In the first quarter of 2002, KN generated a net income of CHF 38.1 million.
Compared to the year-earlier period, this signifies an increase of 22.5%, if the one-off income of CHF 10.9 million from the sale of the Uniport Multipurpose Terminals BV (Rotterdam, the Netherlands) is disregarded.
Gross profit rose by 29% from CHF 373.4 million to CHF 481.7 million, and earnings before interest, taxes and amortisation (EBITA) increased by 10.3% to CHF 87.6 compared to the EUR 79.4 million of the year-earlier period.
Falls in revenue and EBIT
In the first quarter of 2002, earnings before interest and taxes (EBIT) decreased by 6.8% from CHF 57.6 million in the year-earlier period to CHF 53.7 million. KN attributes this decline to the write-downs of goodwill. Revenue also dropped slightly, from EUR 2.075 billion to CHF 2.050 billion.
KN’s international freight forwarding activities are still the Group’s fastest growing and most profitable business unit. In this segment, EBIT increased by 34.8%, whereby seafreight recorded the most impressive performance, with an outstanding rise of 50.4%.
