Kuehne + Nagel posts 16.2 pct drop in profit
The Swiss global transport and logistics group does not expect short-term improvement due to the economic downturn.Zurich -- Swiss global transport and logistics group Kuehne + Nagel on Monday said its half-year net profit fell 16.2 percent amid a difficult economic environment that is unlikely to improve in the short term.
Its six-month profit fell to CHF 258 million (EUR 170 million, USD 240 million) from CHF 308 million in the same period in 2008 while sales fell 20.6 percent to CHF 8.5 billion from CHF 10.7 billion.
"Considering the extremely difficult global economic environment, the development of our business and results during the first half of 2009 was satisfactory," said Reinhard Lange, chief executive of the group.
However, the group said it "does not anticipate a substantial short-term improvement in the global economy and markets."
"The company will therefore continue its focused dual strategy of disciplined cost management and market share expansion," it added.
The group said in March that it would cut up to 4,500 jobs to deal with the economic crisis.
AFP / Expatica