HHLA Q1 profit up 44.6pc to US$20.4 million as box volume falls 7.7pc
STATE-OWNED Hamburger Hafen und Logistik (HHLA) first quarter net profit increased 44.6 per cent year on year to EUR18.1 million (US$20.4 million), drawn on revenues of EUR169.2 million, which fell six per cent.
HHLA, which runs three of the four container terminals in Hamburg, reported a 7.7 per cent year-on-year first quarter decline in container volume to 1.6 million TEU, hit by a drop in Russian traffic.
Operating profit (EBITDA) fell 4.7 per cent to EUR41 million, while profit after tax, spurred by an improved result for HHLA's intermodal companies, rose 44.6 per cent to €18.1 million.
HHLA chairman Klaus-Dieter Peters, who steps down at the end of the year to be replaced by Angela Titzrath, said given the ongoing challenges in its operating environment, the company's performance was in line with expectations.
"The throughput at our container terminals did decline in comparison with the positive first quarter of 2015, but they increased against the fourth quarter of 2015," he said.
In this respect, he said, HHLA believes volumes in the container segment have bottomed out and therefore expects box numbers to remain stable for the rest of the year.
From January through to the end of March, HHLA's Container Terminal Odessa in the Ukraine recorded volume growth of 4.8 per cent to 67,000 TEU, but the company's three terminals in Hamburg reported combined throughput figures of 1.5 million TEU, down 8.2 per cent year on year.
STATE-OWNED Hamburger Hafen und Logistik (HHLA) first quarter net profit increased 44.6 per cent year on year to EUR18.1 million (US$20.4 million), drawn on revenues of EUR169.2 million, which fell six per cent.
HHLA, which runs three of the four container terminals in Hamburg, reported a 7.7 per cent year-on-year first quarter decline in container volume to 1.6 million TEU, hit by a drop in Russian traffic.
Operating profit (EBITDA) fell 4.7 per cent to EUR41 million, while profit after tax, spurred by an improved result for HHLA's intermodal companies, rose 44.6 per cent to €18.1 million.
HHLA chairman Klaus-Dieter Peters, who steps down at the end of the year to be replaced by Angela Titzrath, said given the ongoing challenges in its operating environment, the company's performance was in line with expectations.
"The throughput at our container terminals did decline in comparison with the positive first quarter of 2015, but they increased against the fourth quarter of 2015," he said.
In this respect, he said, HHLA believes volumes in the container segment have bottomed out and therefore expects box numbers to remain stable for the rest of the year.
From January through to the end of March, HHLA's Container Terminal Odessa in the Ukraine recorded volume growth of 4.8 per cent to 67,000 TEU, but the company's three terminals in Hamburg reported combined throughput figures of 1.5 million TEU, down 8.2 per cent year on year.