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Kuehne & Nagel quarterly core earnings fall on coronavirus crisis

Reuters

(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)