Kuehne & Nagel International AG, the world's largest sea-freight forwarder, said fourth quarter profit rose 7.3 per cent after the company reduced costs to help it cope with the global recession.
Kuehne & Nagel gained the most in a month in Zurich trading after the Schindeleggi, Switzerland-based company said profit for the period increased to 133 million Swiss francs (S$175 million) from 124 million francs a year earlier, the company said in a statement on its website on Tuesday. Sales fell 5 per cent to 4.39 billion francs.
The global recession is causing trade to slump, reducing demand for the services of forwarding companies such as Kuehne & Nagel. Worldwide air cargo volumes will decline more than 5 per cent this year, according to the International Air Transport Association.
'The economic slowdown, which accelerated in terms of scope and pace in the last quarter, severely affected the logistics industry,' chief executive officer Reinhard Lange said in the statement. With 'rigorous cost controls, we were able to soften the impact of reduced volumes while improving results'.
Kuehne & Nagel rose 2.9 francs, or 5.4 per cent, to 56.9 francs in Zurich trading, the biggest gain since Feb 4. The company's stock has fallen 16 per cent this year, reducing its market value to 6.8 billion francs.
Kuehne & Nagel gained the most in a month in Zurich trading after the Schindeleggi, Switzerland-based company said profit for the period increased to 133 million Swiss francs (S$175 million) from 124 million francs a year earlier, the company said in a statement on its website on Tuesday. Sales fell 5 per cent to 4.39 billion francs.
The global recession is causing trade to slump, reducing demand for the services of forwarding companies such as Kuehne & Nagel. Worldwide air cargo volumes will decline more than 5 per cent this year, according to the International Air Transport Association.
'The economic slowdown, which accelerated in terms of scope and pace in the last quarter, severely affected the logistics industry,' chief executive officer Reinhard Lange said in the statement. With 'rigorous cost controls, we were able to soften the impact of reduced volumes while improving results'.
Kuehne & Nagel rose 2.9 francs, or 5.4 per cent, to 56.9 francs in Zurich trading, the biggest gain since Feb 4. The company's stock has fallen 16 per cent this year, reducing its market value to 6.8 billion francs.