WASHINGTON (dpa-AFX) - Logistics firm Kuehne & Nagel International (KHNGY) on Monday reported a drop in profit for the first half of the year, amid softened demand, and said it is getting back on track to achieve its goals for 2012.
Earnings attributable to equityholders of the parent company for the first half dropped to 211 million Swiss francs ($215 million) from 312 million francs.
Excluding an anti-trust fine, net earnings for the first half of the year declined to 279 million Swiss francs from 314 million francs in the prior year.
First-half turnover edged up 2.8 per cent to 10.06 billion francs.
Reinhard Lange, CEO, said, 'In the first half of 2012, muted consumption in all parts of the world and increased market volatility influenced the global logistics business. Softened demand affected in particular the trades from Asia to Europe and North America and slowed down volume development in seafreight and airfreight.'
However, the company achieved above market volume growth in both segments, helped by its industry-specific logistics solutions.
Seafreight reported a higher turnover at 4.31 billion francs, while in Airfreight, turnover edged down to 1.98 billion francs.
Earnings attributable to equityholders of the parent company for the second quarter fell to 144 million francs from 158 million francs. Turnover improved to 5.23 billion francs from 4.97 billion francs.
Looking ahead, the company said the cost reduction program had a positive effect and the Group is getting back on track to achieve the profitability and productivity goals set for the full year 2012.
The stock settled higher by 2.45 percent on Friday in Zurich at 100.40 francs.
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© 2012 AFX News
