Kuehne + Nagel 1Q profit falls 17% to 128 million CHF

The Kuehne + Nagel announced that first-quater net profit booked 128 million Swiss francs. It fell 16.9 percent compared with CHF 154 million in the same priod of 2008.

The company's revenue fell 19 percent to 4.3 billion reflecting the decline of sea and air freight volumes. Operating profit (EBITDA) reduced by 12.2 percent to CHF 230m.

Volumes were down 13 percent in ocean freight, and 20 percent in air freight. Those reduced 20 percent in the road and rail logistics business. Contract logistics margins came under strong pressure in the first quarter because of falling customer volumes.