Kuehne+Nagel posts flat profit

Zurich, Switzerland:  Logistics firm Kuehne+Nagel International today reported flat profit for 2011, despite strong volume growth in all business units.

Kuehne+Nagel posted earnings at 601m Swiss francs ($658 million), versus 601m for 2010. Its revenue fell 3.3% to CHF19.59bn, versus 20.26bn in 2010.

Transport and logistics volumes developed positively in the first half, but growth steadily slowed during the second half, the company noted.

Earnings before tax were almost the same as last year at 766m francs. Invoiced turnover slipped 3.3% but on a currency adjusted basis, turnover increased 9.3%.

In the sea freight business, volume increased 11% and the company grew twice as fast as the international container market.

The company announced a dividend of 3.85 francs per share, up from last year’s 2.75 francs per share.

Kuehne+Nagel expects economic uncertainties to persist in 2012, particularly in the first half of the year when economy and trade are expected to perform less dynamically.

Reinhard Lange, chief executive said, “We are well positioned around the globe and therefore confident to reach our targets in the current business year again: Profitable growth above-market average in all business units.  We are facing up to the uncertain economic development by consistent cost management, process optimisation and increased productivity.”