News / Kuehne + Nagel sees revenue fall but profits rise over first nine months

Despite declining revenue, Kuehne + Nagel reported increases of 6.3% and 5.1% in gross profit and EBITDA for the first nine months of 2016.

Sea freight rates for January to September saw a marked decline as low pricing and consolidation squeezed margins, continuing a trend reported in the forwarder’s half-year results.

KN’s sea freight division turned over Sfr5.9bn (US$5.95bn) during the nine-month period, compared with Sfr6.6bn in 2015, a 10.6% decline.

However, despite this, EBITDA for the division increased marginally to Sfr354m.

The air freight division mirrored this, ...