Kuehne and Nagel profits down
08 / 03 / 2010
KUEHNE + Nagel posted a 13.2 per cent drop in pre-tax revenue, to SFr885 million (US$819 million), for 2009 compared to 2008. The figure takes into account the SFr35 million ($32 million) fine allocated for anti-competitive airfreight price fixing.
It saw a 9.2 per cent fall in demand, three per cent less than the industry average, which it attributed to a strong focus on sales and promoting its specialised products.
Combined with heavy-duty cost management, the company is predicting its airfreight segment will grow 12 per cent in 2010.