BRUSSELS (dpa-AFX) - Swiss logistics firm Kuehne & Nagel International (KHNGY) Monday reported a higher first-quarter profit, reflecting lower expenses, despite a decline in revenues.
For the first quarter, profit attributable to equity holders of the parent company increased to 147 million Swiss francs from 132 million francs in the previous year. On a per share basis, earnings were 1.22 francs, up from 1.11 francs per share in the same quarter last year.
The Group's operational result or EBITDA increased 7.3 percent year-over-year to 235 million francs.
Meanwhile, net turnover for the quarter declined 1.3 percent to 4.13 billion francs from 4.18 billion francs reported last year.
According to the company, the slight decrease in net turnover resulted from the planned adjustments in warehousing capacities, rate deterioration and margin pressure in sea and airfreight, as well as the negative currency impact, in particular.
Personnel expenses dropped to 915 million francs from 930 million francs a year ago. Selling, general and administrative expenses were 382 million francs, down from 390 million francs reported last year.
In Seafreight, Kuehne & Nagel container volume increased 6.9 per cent and the firm handled 58,000 TEU more than in the previous year's first quarter.
In airfreight, the company increased volumes by 1.4 per cent, handling 4,000 tons more than the prior year. Overland had a considerably improved performance, and currency adjusted net turnover increased 6.9 percent.
Further, the company noted that restructuring measures in contract logistics business unit, combined with new business developments showed positive effects. Net turnover, currency adjusted, improved by 1.7 percent.
Detlef Trefzger, CEO of the company stated, 'In a slightly recovered market environment all our business units performed well and strengthened our market position at the same time...The cost measures introduced one year ago and active margin management have been effective. Our strategy remains unchanged: we will continue to focus on profitable growth.'
In Zurich, the shares closed Friday's trading at 122.90 francs.
Copyright RTT News/dpa-AFX