Kuehne & Nagel profit growth halted by Swiss franc gains

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A skillet-flat first-quarter result from Kuehen + Nagel. Sea freight volumes at the world’s largest sea freight forwarder declined by 0.7% year-on-year, as it experienced “unexpected weakness of market volumes in the Asia-Europe trade” in Q1, although it did manage to increase its gross profit per teu by 2.2%. Air freight volumes were up by 7%, well above the market, while contract logistics was hit by declining volumes among major customers and its overland division saw revenue fall in line with the reduction in diesel prices. These pressures were all compounded by the strength of the Swiss franc.