Kuehne + Nagel reports earnings jump

Kuehne + Nagel reports earnings jump Kuehne + Nagel Group said it had net earnings 458 million Swiss francs ($371 million) in 2006, a 45 percent increase over 2005. Turnover increased nearly 30 percent to 18.2 billion francs ($14.7 billion)
   “In sea and air freight, strong growth was successfully maintained despite fierce competition,” said Klaus Herms, chief executive officer.
   “The efficient integration of the ACR Group has considerably strengthened our market position in contract logistics,” Herms said. “Our targeted expansion of overland activities enables us to provide customers with end-to-end services from a single source. In addition, it has opened up further cross-selling opportunities.”
   The company said it had above-average 19 percent growth in sea freight volumes. The company handled 2.28 million TEUs, a figure that it said has doubled over the last three years.
   In air freight, the company said it had raised volumes by 10 percent.
   In the rail and road area, the company said it had continued its overland expansion and investment program. K + N said integration of the ACR Group was given top priority and was successfully completed by the end of the year.
   With turnover of 3.9 billion francs ($3.2 billion) Kuehne + Nagel said it is now the third-largest global provider of contract logistics.
   The company said its goal in the coming year was “again to continue to grow at double the market average in sea and air freight, while maintaining high margins in both business fields.”
      “Ongoing favorable economic development in virtually all regions of the world continues to provide Kuehne + Nagel with considerable growth opportunities. We therefore anticipate a further increase in logistics volumes and to continue our positive performance,” said Michael Kuehne, executive chairman of Kuehne + Nagel International.