Kuehne sees growth above market average

Logistics group Kuehne and Nagel said it was confident in growing above the market average after posting a forecast-beating first-quarter profit as the sector recovers thanks to a pick-up in global trade.

The Swiss group on Monday reported first-quarter net profit of SF131 million (Dh456m), more than analysts had expected.

The firm said global sea freight and air freight businesses had experienced significant improvement in the first three months of 2010 and signs were mounting that that the global economy was stabilising.

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