Kuehne+Nagel Q3 profits drops 5.5%

The Kuehne+Nagel Group reported a 5.5% decline in gross profits to 1.8bn CHF (£1.58bn) from 1.97bn CHF (£1.68bn) the previous year, attributed to the effect of Covid-19.

Net turnover for the logistics company amounted to 5.03bn CHF (£4.27bn) 6.3% lower than the last year.

Air freight volumes in Q3 were shown to be 12.8% lower at 354,000 tonnes than in the same period last year.

Market conditions including the automotive sector and perishable goods improved in Q3 which led to a “greater than normal seasonal uplift in air logistics volumes.”

Despite improvements through market share gains, net turnover for contract logistics declined 9.3% to 1.21bn CHF (£1.03bn) in Q3 from last year’s results of 1.33bn CHF (£1.13bn).

Dr. Detlef Trefzger, CEO of Kuehne+Nagel International said: “With our motivated team, we are ready for further growth together with our customers, especially in the pharmaceutical and healthcare and e-commerce sectors.

“Even though we expect considerable uncertainties in the coming months, we are well prepared.”

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