Global freight forwarder Kuehne & Nagel posted almost flat earnings of CHF606 million (US$664 million) in 2011 compared with CHF605 million in 2010 but said it expected to maintain its growth momentum despite a challenging market.
Due to the strong Swiss Franc, revenue decreased by 3.3 percent to CHF19.59 billion in 2011 from CHF20.26 billion the previous year, the company said in a financial statement today.
The operational result (EBITDA) of CHF978 million was 2.6 percent below the previous year’s level of CHF1 billion.
“Considering the market and currency turbulences, the diverging economic developments and the devastating natural disasters, which influenced the business environment in 2011, we achieved very satisfactory annual results,” said Karl Gernandt, chairman of Kuehne + Nagel.
As for the company’s outlook this year, the Swiss logistics firm said: “Uncertainties still persist with regards to the economic development in 2012. Particularly in the first half of the year, global economy and trade are expected to perform less dynamically.”
Still, CEO Reinhard Lange said the company expects to achieve “sustainable and profitable growth” in 2012 due to the investments made in 2011. “We are facing up to the uncertain economic development by consistent cost management, process optimisation and increased productivity,” he added.
Photo: Kuehne + Nagel International
