Swiss-based logistics giant Kühne & Nagel has seen a 9.3 per cent drop in first-quarter net profit to SFr38.1 million ($23.5 million).
The company said 2002 had started better than expected.
Profits exceeded last year's bottom line, which was boosted by the sale of its Rotterdam terminals business, which added SFr 10.9 to its balance sheet.
Without the sale, the first quarter profit is equal to a 22.5 percent increase.
Sales in the group, which employs almost 17,000 people around the world for freight forwarding and contract logistics, slipped slightly to SFr 2,050 billion, down 1.2 percent.
The company predicts a profit for 2002 of more than SFr150 million.
swissinfo with agencies