Despite what it described as a "difficult economic environment", turnover rose by 2.8 percent over the same six months of 2011 to reach CHF10.06 billion (US$10.2 billion). Gross profit improved by 2.6 percent year-on-year to reach CHF3.03 billion ($3.08 billion). 

But the news was not all good, as earnings fell, in part due to a one-off expense associated with a fine incurred for anti-trust activity. 

Reinhard Lange, CEO of Kuehne + Nagel International AG, remarked: "In the first half of 2012, muted consumption in all parts of the world and increased market volatility influenced the global logistics business.  

"Softened demand affected in particular the trades from Asia to Europe and North America and slowed down volume development in sea freight and air freight. 

"Nevertheless, we achieved above market volume growth in both sectors," Lange said, commenting: "Our industry-specific logistics solutions positively contributed to this development." 

In terms of air freight, K+N noted that the segment continued to slump in the second quarter of this year. While volumes across the market were down, K+N continued to focus on the expansion of its business in specific areas, such as perishable shipments, and to provide what it describes as "industry-specific air freight solutions".

As a result, its shipment tonnages actually rose year-on-year, by approximately 1 percent - although its operational result in the air freight sector fell, by 10.9 percent year-on-year. 

K+N International chairman Karl Gernandt added: "The Kuehne + Nagel Group demonstrated its strengths in the current market condition, especially in the second quarter; in the meantime, the implemented cost-reduction programme had a positive effect and the Group is getting back on track to achieve the profitability and productivity goals set for the full year 2012."