SCHINDELLEGI (dpa-AFX) - As expected, the logistics group Kuehne+Nagel posted lower sales in the 2023 financial year following the end of the coronavirus boom. Net turnover slumped by 40 percent to 23.8 billion Swiss francs, as the company announced on Friday. The operating result (EBIT) halved to 1.9 billion francs, as did net profit to just under 1.5 billion francs. In its press release, the company nevertheless spoke of a good year-end result. It had gained market share in sea freight.

Kuehne+Nagel is now expanding in Asia. The company wants to take over City Zone Express, which is headquartered in Malaysia. City Zone Express has its own fleet of 260 vehicles, over 500 employees and 80,000 square meters of warehouse space. The company offers logistics services in Southeast Asia and as far as China. Kuehne+Nagel sees the opportunity to expand land transportation services in Asia's growth markets. The transaction is expected to be completed in the coming months. The forwarding company did not disclose a price.

The majority shareholder of the group is the Hamburg-born logistics entrepreneur and billionaire Klaus-Michael Kühne (86). He lives in Switzerland, where the company is also based. Among other things, he holds large minority stakes in the Hamburg container shipping company Hapag-Lloyd and Lufthansa./oe/DP/ngu