BERN: Switzerland-based Company said in a statement on Tuesday that the first- quarter operating profit failed to grow as the Swiss franc’s gains on currency markets weighed. Kuehne & Nagel revenue net of customs, duties and taxes fell 0.8 percent to 4.1 billion francs.
Earnings before interest and taxes were unchanged from a year earlier at 190 million francs ($194 million), the Schindellegi, Switzerland-based Company said in a statement Tuesday. The figure lagged behind the average 196.9 million- franc average of seven analyst estimates compiled by Bloomberg.
The Swiss National Bank gave up on a ceiling of 1.20 franc per euro on Jan. 15, causing the country’s currency to appreciate by 19 percent that day. Kuehne & Nagel said Tuesday that the franc’s strength reduced earnings by 7 percent.
Sea-freight volume fell 0.7 percent in the quarter on weakness Asian-Europen trade that the company said it didn’t foresee. Air-freight volume rose 6.7 percent. Net income advanced 3.4 percent to 152 million francs.
