Slow markets hit airfreight at Kuehne + Nagel

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Airfreight decreased in the first half of 2019 at Kuehne + Nagel due to stagnating markets of some key industries.

Volumes were down 5.8% to 813,000 tonnes but growth was achieved in the pharma and healthcare sector, as well as perishables.

Quick International Courier, a time-critical service provider for the pharma and healthcare and aviation industries was successfully integrated.

Airfreight profits measured in earnings before interest and tax (EBIT) were down 4.4% to CHF 174 million.

For the Kuehne + Nagel Group, net turnover was up 5.3% to CHF 10.6 billion, with net profits down 1.5% to CHF 384 million.

Dr Detlef Trefzger, CEO of Kuehne + Nagel International says: “Currently our focus is on addressing the significant changes in airfreight market conditions and on continuing our restructuring activities in contract logistics. With our initiatives to improve our technological capabilities we will become more cost effective and improve customer service. We are well set to successfully meet the challenges of an ever demanding market.”