April 27, 2020 / 5:16 AM / a month ago

Kuehne & Nagel quarterly core earnings fall on coronavirus crisis

FILE PHOTO: The logo of Swiss logistics group Kuehne + Nagel is seen at its headquarters in Schindellegi, Switzerland October 17, 2018. REUTERS/Arnd Wiegmann

(Reuters) - Swiss freight-forwarding group Kuehne und Nagel International (KNIN.S) 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.

Reporting by Bartosz Dabrowski in Gdansk; Editing by Subhranshu Sahu

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