2023-10-25 05:05:03
Zurich (awp) – Logistics specialist Kühne+Nagel recorded sharp declines in results in the 3rd quarter of 2023, following benefiting from an explosion in activities caused by the coronavirus pandemic. Schindellegi’s group did not comment on business developments for the rest of the year.
During the period under review, turnover fell by 46% to 5.4 billion Swiss francs, a press release indicated on Wednesday.
In terms of profitability, gross profit contracted by 23% to 2.08 billion. As for operating profit (Ebit), it fell by 52% to 446 million Swiss francs.
Net profit also halved to 321 million Swiss francs. The conversion rate also deteriorated to 21.5% compared to 34.1% a year ago.
Revenue and gross profit are significantly lower than the AWP consensus.
The group also indicated that sea freight volumes improved in the 3rd quarter while air freight continued to decline.
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