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Shipping giant's earnings up by 45%

Published:  23 July, 2008

Swiss shipping company Kuehne + Nagel has announced a 45% increase in net earnings in the past year to a record CHF458 million (194m).

Gross profit improved by 89.7% to CHF5.25 billion (2.23bn) which was driven by the acquisition of logistics company ACR in January 2006. Regionally, Europe contributed the largest gross profit (75%).

Executive chairman Klaus Michael Kuehne said: We took a quantum leap in 2006. Through the merger with ACR and strong organic growth we have significantly expanded our market position in all business fields.'

Kuehne + Nagel is now the third-largest global contract logistics provider, employing more than 46,000 people in 100 countries. In 2007, it aims to continue to grow its sea- and air-freight business at double the market average and consolidate on its European overland operations.