Kuehne & Nagel quarterly core earnings fall on coronavirus crisis [Reuters]
KUEHNE&NAGEL INT UNSP/ADR (KHNGY)
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Source: Reuters
Kuehne & Nagel quarterly core earnings fall on coronavirus crisis April 27 (Reuters) - Swiss freight-forwarding group Kuehne und Nagel International on Monday reported a 24% fall in first-quarter core earnings, as industrial production and trade volumes declined due to the novel coronavirus pandemic. Earnings before interest and tax (EBIT) came in at 184 million Swiss francs ($189 million), down from 242 million francs a year earlier, as sea freight, the largest part of the group’s business, fell 29.5% due to a double-digit decline in volume demand to and from China. ($1 = 0.9724 Swiss francs) (Reporting by Bartosz Dabrowski in Gdansk; Editing by Subhranshu Sahu)
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