By Antonia Di Lorenzo
Kuehne & Nagel International AG (KNIN.EB) posted a slight drop in first-half net profit amid a deteriorating market environment, the Swiss logistics company said Tuesday.
Net profit was 384 million Swiss francs ($390.9 million), down from CHF390 million in the same period a year ago, the company said. Net turnover increased to CHF10.6 billion from CHF10.1 billion, while earnings before interest and taxes rose 2% to CHF511 million.
Chief Executive Detlef Trefzger said the company is now focused on addressing the changes in air freight market conditions and on continuing its restructuring activities in contract logistics.
"With our initiatives to improve our technological capabilities, we will become more cost effective and improve customer service," Mr. Trefzger said.
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