Kuehne + Nagel has announced its net profit fell 16.1 per cent in the second quarter compared with a year ago as the global economic slowdown depressed ocean and air freight traffic. The Swiss logistics giant booked net profit of US$120.7 million in the three months to 30 June as revenue slid 21.9 per cent to $3.9 billion. Net profit in the first six months fell 16.2 per cent to $241 million from the same period in 2008 as revenue shrank 20.6 per cent to $7.9 billion.

The Zurich-based company said it does not expect ocean and air freight markets to recover in the short term and “therefore will continue its focused dual strategy of disciplined cost management and market share expansion.”

Air freight volume fell 19 per cent in the first half from a year ago while the global market declined by more than 20 per cent. Kuehne + Nagel said it boosted second quarter air traffic by 10 per cent from the first three months of 2009 but first half operating profit slumped 16.2 percent.