Kuehne + Nagel net earnings rose 23.1% in 2004
Kuehne + Nagel International AG, a Swiss freight forwarding and logistics services provider, said its net earnings in 2004 were 241 million CHF, up 23.1 percent from 196 million CHF in 2003.
Turnover for Kuehne + Nagel in 2004 was 11.56 billion CHF, up 21.1 percent over 9.55 billion CHF in 2003. The company's gross profit in 2004 was 2.32 billion CH, up from 2.06 billion CHF in 2003.
In sea freight, Kuehne + Nagel posted a 28 percent growth in volume, enough to compensate for margin pressures and adverse currency effects. Gross profit for sea freight was up 13.3 percent.
In air freight, the company had an increase in tonnage of 20 percent and a 14.6 percent increase in gross profit. Rail and road logistics gross profit grew 87.2 percent. In contract logistics, gross profit was 1.6 percent below 2003's level.
Kuehne + Nagel's business unit Sea & Air Logistics saw its strongest growth in traffic to and from China, while also increasing volume in other trade lanes.
The company's Rail & Road Logistics unit reported growth in full and part truck load business, while groupage activities in Germany profited from the integration of Pracht Spedition + Logistik GmbH. 'A rise in customer demand for block train solutions and intermodal concepts helped capture additional market shares in rail transportation,' Kuehne + Nagel said in a statement. The company also acquired Haring Service Co. in Germany and GT Spedition in Denmark.
Nacora, Kuehne + Nagel's insurance broker subsidiary, added market shares worldwide, but 'extraordinary provisions in the area of transport liability' led to a 51.3 percent decline in operation results, to 7.5 million CHF, compared to 2003,' Kuehne + Nagel said.
Based in Schindellegi, Switzerland, Kuehne + Nagel has 22,000 employees at 600 locations in 96 countries. For more information, see http://www.kuehne-nagel.com.