K+N: less traffic, more profit
The Schindellegi (Switzerland)-headquartered Kuehne + Nagel Group stuck to profit instead of volumes in Q3/2020. While net turnover and ebit decreased over the first nine months of 2020 with CHF 14.8 billion (-5.7%) and CHF 790 million (-5.9%), ebitda with CHF 1.4 billion was 4.3% higher than in the same period of 2019.
In Q3/2020, sea freight's volumes rose by 10.2% to 1.2 million teu, turnover went down by 6.2% and ebit of the segment increased by 12.3% to CHF 137 million. At 354,000 t, air freight volume in the third quarter was 12.8% lower than in the same period of the previous year, while net turnover increased by 8.7% to CHF 1.2 billion and ebit by 89.9% to CHF 169 million.
Road and contract logistics remained under pressure. Detlef Trefzger, CEO of Kuehne + Nagel International AG, expects good opportunities "especially in the pharma & healthcare and e-commerce sectors" and sees K+N "well prepared." (sh)