Kuehne + Nagel (K+N) has seen profits increase by 9.2 per cent in the first half of the year to 356 million Swiss francs ($362 million) despite turnover dipping.

Net turnover was down 0.9 per cent to 8.1 billion Swiss francs and the airfreight sector was down slightly from 1.98 billion in the first half of 2015 to 1.90 billion this year. Airfreight earnings before interest and tax increased from 136 million Swiss francs in 2015 to 147 million in 2016 and tonnage was up 1.3 per cent, helped by strong export business in Asia, the Middle East and Africa.

K+N chief executive officer, Dr Detlef Trefzger says: “The first half of 2016 has been shaped by different regional economic development trends. Global trade showed a lack of growth momentum.”

“Our strategy to focus on organic growth and gaining market shares by offering industry-specific solutions once again led to increases in volumes and results. Our Group delivered a strong performance and has significantly improved gross profit, and therewith increased profit.”