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Kuehne+Nagel increases profits in spite of low growth

Logistic giant Kuehne+Nagel is losing volumes and revenues, but the company's latest interim report shows an improved overall result on the bottom line.

Kuehne+Nagel increased profits by 6 percent during the first nine months of the year, even though revenues grew by just 1.5 percent compared to the same period last year. Third quarter profits also improved in spite of a small decline in revenues, and in spite of the fact that the group's strongest business area, maritime transports, saw reduced growth rates in this quarter in particular.

“We concentrate on profitable growth and are on good track to reach our goals. In seafreight, our most important business unit, we focused on the quality of business instead of volume growth by all means. In a demanding market environment we thus reached our profitability target in seafreight. Strict cost management will remain in place for the whole company and at the same time we will also continue to enhance the spectrum of solutions and the service quality for our customers,” says CEO Detlef Trefzger in the interim report.

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