WASHINGTON (dpa-AFX) - Swiss logistics firm Kuehne + Nagel Group (KHNGY) reported Thursday that its first-quarter earnings declined 1.6 percent to 181 million Swiss francs from last year's 184 million francs.
However, operational result or EBITDA, a key earnings metric, grew 44.6 percent to 418 million francs from 289 million francs a year ago.
Net turnover for the quarter grew 7.7 percent to 5.24 billion francs from 4.86 billion francs last year.
The company said it increased net turnover, gross profit and EBIT in the quarter. Due to the implementation of IFRS 16-Leases, EBITDA of the Group increased by 118 million francs and EBIT by 3 million francs in the quarter.
In seafreight, EBIT expanded significantly and in overland operating results increased substantially, while the market-related volume decline in airfreight was largely offset by active cost management. The result of contract logistics decreased due to ongoing restructuring and review of the project portfolio.
Looking ahead to fiscal 2019, the company said it plans to remain on course to grow as a Group and further increase its results.
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