WASHINGTON (dpa-AFX) - Swiss logistics firm Kuehne + Nagel Group (KHNGY) reported Tuesday that its first-half earnings decreased 1.5 percent to 384 million Swiss francs from last year's 390 million francs.
However, EBIT rose 2.0 percent to 511 million francs from 501 million francs last year. Operational result or EBITDA grew 42.9 percent from last year to 869 million francs.
Net turnover for the first half rose 5.3 percent to 10.60 billion francs from 10.07 billion francs last year. Gross profit improved 5.5 percent to 4.02 billion francs.
The company noted that seafreight and overland continued the growth momentum of the first quarter. Due to the deteriorating market environment, airfreight experienced a decrease in volume. The restructuring in contract logistics proceeded according to plan.
Detlef Trefzger, CEO of Kuehne + Nagel, said, 'Currently our focus is on addressing the significant changes in airfreight market conditions and on continuing our restructuring activities in contract logistics. With our initiatives to improve our technological capabilities we will become more cost effective and improve customer service.'
'We are well set to successfully meet the challenges of an ever demanding market,' Trefzger added.
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