Kuehne & Nagel second-quarter core earnings drop on coronavirus crisis

Credit: REUTERS/ARND WIEGMANN

Swiss freight forwarder Kuehne und Nagel International reported on Tuesday a 12.6% drop in second-quarter core earnings, citing the crisis triggered by the novel coronavirus pandemic, and currency fluctuations.

July 21 (Reuters) - Swiss freight forwarder Kuehne und Nagel International KNIN.S reported on Tuesday a 12.6% drop in second-quarter core earnings, citing the crisis triggered by the novel coronavirus pandemic, and currency fluctuations.

The group's earnings before interest and tax (EBIT) came in at 235 million Swiss francs ($250 million), below the 269 million francs a year earlier, as sea freight, the largest part of the group's business, fell 28.5% due to reduced shipping volumes.

($1 = 0.9392 Swiss francs)

(Reporting by Bartosz Dabrowski in Gdansk; Editing by Muralikumar Anantharaman)

((bartosz.dabrowski@thomsonreuters.com; +48 587720995;))

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