Kühne and Nagel on track for full year profit
The logistics company, Kühne and Nagel, has announced a 34 per cent increase in its nine-month earnings to SFr115.9 million ($70.16 million).
The company expects a full-year profit of more than SFr140 million.
The Zurich-based enterprise said its recent acquisition of the United States company, USCO Logistics, had been a key engine for growth and had boosted its contract logistics unit.
USCO had nine-month earnings before interest and tax of SFr19.5 million reversing a SFr2.6 million loss for the comparable period the previous year.
Shares in Kühne and Nagel, which had a 2000 net profit of SFr126 million, have lost 27 per cent of their value since the beginning of the year over fears that the global slowdown will affect the company's outlook.
But the share price has performed better than most in the transport sector, which lost an average 72 per cent over the year.
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