German Port Groups Report Fall in Operating Income

9 February 2010 (Last Updated February 9th, 2010 18:30)

Germany’s Hamburger Hafen und Logistik AG has reported €176m ($242.7m) in Earnings Before Interest and Tax (EBIT) on a revenue of €988m ($1.3bn). The obtained operating income of the company represents a fall of approximately half in terms of EBIT, with 2008 seeing a result of €358m ($493

Germany’s Hamburger Hafen und Logistik AG has reported €176m ($242.7m) in Earnings Before Interest and Tax (EBIT) on a revenue of €988m ($1.3bn).

The obtained operating income of the company represents a fall of approximately half in terms of EBIT, with 2008 seeing a result of €358m ($493.6m) on a revenue of €1.3bn ($1.7bn).

The core container terminal reported a fall in EBIT of about €164m ($226.1m), as the volumes of containers fell by 32.9% to 4.9m TEU over 2009.

The container volumes across the terminals of Eurogate, the joint venture between the German port operators Eurokai and BLG, fell by 12.3% while the Italian ports joint venture, Contship Italia, saw volumes fall by only 9.9%.

Eurogate Group chairman Thomas Eckelmann said the company would post a profit when the fully audited figures are published in April 2010.

German exports however continue to see continuing recovery and therefore German ports may have a better than average recovery, Eckelmann said.