Adverse weather conditions hit volumes in Kuehne + Nagel’s road and rail logistics division, which saw an 85% drop in first quarter EBITDA.
The firm’s Q1 results revealed that invoiced turnover for the division dipped slightly to CHF 737m (£517m) from CHF 744m in Q1 2012, as volumes were hit by poor weather conditions and a “difficult” economic situation in Europe.
Declines in groupage volumes also contributed to a fall in first quarter EBITDA, which dropped to CHF 2m (Q1 2012: CHF 14m), leading to an “unsatisfactory” margin at 0.3%.
K+N International AG chairman Karl Gernandt said: “Particularly in view of the recessive economic situation in the euro zone, which also poses challenges for our company, we can be quite satisfied with the results of first quarter 2013.”
The results, which covered the quarter ended 31 March 2013, also showed that invoiced turnover for its entire European operation increased by 3.4% to CHF 3.1bn (2012: CHF 3bn), while European EBITDA leapt 53% to CHF 127m (2012: 83m).
Gernandt added: “We will continue to focus on margin and cost management and are therefore confident to achieve further improvements.”
