Swiss forwarder's profit up 16.8pc

PUBLISHED : Monday, 01 May, 1995, 12:00am
UPDATED : Monday, 01 May, 1995, 12:00am

KUEHNE & Nagel, the Switzerland-based forwarding and logistics group, has reported a 16.8 per cent increase in net profit to 52.1 million Swiss francs (about HK$352.19 million).

Operating profit was up 4.3 per cent to 132.1 million francs and turnover 4.4 per cent to 5.16 billion francs.

Gross profit totalled 879 million francs, up from 857 million francs in 1993.

Asia-Pacific operations were up 20.4 per cent, the highest rise in turnover.

Operations in Germany, the main centre for K&N activities, improved by 6.6 per cent, and the rest of Europe by 2.5 per cent.

Turnover of group companies in North, Central and South America remained unchanged, while the Middle East and Africa saw a small drop.

The group forwarded 300,000 teus by sea last year and 30,000 tonnes by air.

The group last year acquired a majority holding in an Oslo forwarding company with a network of bases linking the main cities of Norway, Sweden, Finland and Denmark.

Kuehne & Nagel also set up a company in Russia.

The group obtained the ISO 9001 quality certification for its entire German operation.

Chief executive officer Klaus-Michael Kuehne said all group companies were expected to attain ISO 9001 certification before the end of this year.