Kuehne + Nagel reported strong growth in the airfreight sector for the first half of 2015, leading to a 4.2 percent increase, year-over-year, in net earnings for the period to $342 million, compared to 2014 when it was $328 million.
The global logistics firm saw a 5.2 percent increase in airfreight tonnage, to 610,000 tonnes, which, K + N reported, was faster than the market average. Volume increases were mostly a result of exports from Europe, North America and Asia. Additionally, the expansion in services for segments including perishables, pharmaceutical products and industrial goods contributed to the uptick.
In contract logistics, however, volume reductions in existing business with customers in Western Europe and the restructuring of customer business in the U.K. caused a negative result. The strong Swiss Franc influenced the development of net turnover and gross profit disproportionally in comparison to other units in the company.
“In the first half of 2015 the increased profitability confirmed the strength of the Kuehne + Nagel Group and the diversified service portfolio supported growth, especially in airfreight,” said Karl Gernandt, chairman of the board of K + N.