July 21, 2020 / 5:22 AM / 21 days ago

Kuehne+Nagel beats expectations, restores dividend plans

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 forwarder Kuehne+Nagel International (KNIN.S) reported a smaller-than-expected fall in second-quarter profit on Tuesday buoyed by increased air freight operations and said it would restore its dividend plans.

“We took the right measures early on and successfully managed Kuehne+Nagel under these difficult conditions,” CEO Detlef Trefzger said regarding cost savings which also helped.

Earnings before interest and tax (EBIT) fell 12.6% to 235 million Swiss francs (197.71 million pounds). It increased its air freight operations by 17%.

Kuehne+Nagel shares were up 2% in early trade.

“The gain of market share combined with the flexibility of the organisation and a strict cost management delivered more than a solid result,” analyst Christian Obst at Baader Helvea said in a note.

Zuercher Kantonalbank analysts said the result exceeded even the highest expectations.

The company will propose a dividend of 4.00 francs per share at an extraordinary general meeting on September 2, it said, after freezing its dividend plans in April.

Reporting by Bartosz Dabrowski in Gdansk; editing by Muralikumar Anantharaman and Jason Neely

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