July 21, 2020 / 7:35 AM / 17 days ago

UPDATE 1-Kuehne+Nagel beats expectations, restores dividend plans

(Adds further details, CEO, analyst quotes)

July 21 (Reuters) - Swiss freight forwarder Kuehne+Nagel International 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 ($250 million). 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.

$1 = 0.9392 Swiss francs Reporting by Bartosz Dabrowski in Gdansk; editing by Muralikumar Anantharaman and Jason Neely

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