All divisions of KN affected
As a result of the coronavirus pandemic, business volumes declined sharply in the first quarter of 2020. Kuehne + Nagel Group's net turnover (-6.2%), gross profit (-5-1%) and earnings (-23.2%) were significantly below last year's levels. Furthermore, currency fluctuations had a significant negative impact.
Detlef Trefzger, CEO of Kuehne + Nagel International, comments: "The coronavirus pandemic is an immense global challenge, for Kuehne + Nagel also. Industrial production and trade volumes weakened significantly. In the case of basic commodities and pharmaceuticals, transport volumes were maintained at a respectable level. Our company will face major challenges in the coming months, but is well positioned in view of its customer proximity, agility and digital offerings." (mw)