Kuehne+Nagel’s air cargo revenue down 41%

Swiss cargo business Kuehne+Nagel reported a better-than-expected profit in the first quarter of the year (Q1 2023) but saw its air freight business’ revenue fall 41% year-on-year. “Net turnover of the air logistics business unit amounted to CHF 1.9bn and EBIT to CHF 154 million,” the company said, citing “an overall declining air freight market”. The cargo business said there has been a “rapid normalisation of supply chain environment following the exceptional situation in 2021 and 2022” as its overall profit dropped 45% to CHF 612 million (UDS$ 689 million) across its air, contract, road and sea operations. “With our