Kuehne + Nagel has released its financial figures for the first nine months of 2009 saying it had achieved “very satisfactory” results due to the ‘early, consistent implementation’ of its dual strategy of strict cost management and commitment to market-share expansion. Total net revenues fell by 23 per cent to CHF10.94 billion (US$10.66 billion). Gross profit was 7.3 below the figure of the previous year’s period. Operational result (EBITDA) decreased by 10 per cent.

The international airfreight market saw a slight improvement in tonnages in the third quarter; therefore, overall cargo decrease slowed to 17 per cent in the first nine months of the year. Compared with the second quarter, Kuehne + Nagel increased tonnage by 7 per cent in the third quarter. However net revenues tumbled by 37 per cent in the period compared with 2008.

The international seafreight market was characterised by significant volume declines; the third quarter, however, saw the first signs of recovery, it said.