Kuehne + Nagel has increased its airfreight earnings before interest and tax (EBIT) by 7.4 per cent in the first quarter (Q1) of 2016, helped by strong export businesses in Asia, the Middle East and Africa.
Airfreight EBIT increased from 73 million Swiss francs ($75.6 million) in Q1 2016 compared to 68 million in the same period of 2015. This is despite the 2015 period receiving a temporary boost from the US West Coast seaport disruptions. Airfreight turnover was down from 1.4 billion francs to 1.3 billion.
For the whole group, net turnover was down 2.1 per cent from 4.1 billion francs to four billion, though earnings were up by 10.5 per cent from 153 million in Q1 2015 to 169 million in 2016.
Kuehne + Nagel chief executive officer, Dr Detlef Trefzger says: “The result of the first quarter 2016 confirms the successful implementation of our Group strategy. We consider our market proximity and our understanding of current and future customer requirements as a solid basis for the further positive development of our business.”