K+N’s operating profits down 10% through 3Q

K+N’s operating profits down 10% through 3Q    The Swiss logistics company Kuehne + Nagel said Tuesday that its operating profits from January through September fell 10 percent, to $687 million.
   The company's revenue during the first three quarters of 2009 fell 21.5 percent to $12.7 billion, while net income dropped 14.4 percent to $383 million. Adjusted for currency fluctuation and excluding acquisitions, K+N's operating profits fell 8.2 percent and its net income 6.2 percent.
   Ocean freight volume dropped 8.5 percent through three quarters against the same period in 2008, though third quarter volume increased 11 percent versus the second quarter, giving a glimpse of recovery in the market, the company said.

Lange

   Air freight volumes dropped 17 percent January through September, while operating profits from the company's contract logistics unit was also off 17 percent.
   'We are reasonably satisfied with our results for the first nine months,' said K+N Chief Executive Officer Reinhard Lange. 'Our dual strategy has proven effective ' we have successfully counteracted substantial volume declines through strict cost management and increased sales activities. As a result, we have continuously expanded our market share and over-proportionately benefited from the third quarter's business stimulation.'