The container terminal operator posted a net profit of 75.9 million euros on revenues of 639.4 million euros, year-over-year increases of 3.3 percent and 8.1 percent, respectively.
The EUROGATE Group recorded a net profit of 75.9 million euros (U.S. $78 million) for 2016, a 3.3 percent increase from 2015, the container terminal operator said.
Revenues for the year totaled 639.4 million euros, rising 8.1 percent from 2015.
Earnings before interest and taxes reached 101.6 million euros, while capital expenditures totaled 19 million euros, year-over-year increases of 11.6 percent and 8.1 percent, respectively.
Infrastructure improvement projects are on hold, however, with the extension of the Outer Weser, the upgrading on the Kiel Canal, and the deepening of the River Elbe in Germany not likely to be completed before 2020.
The EUROGATE Terminal in Wilhelmshaven saw a 12.9 percent increase in container volumes, from 426,751 TEUs in 2015 to 481,720 TEUs in 2016, while volumes at EUROGATE’s terminals in Bremerhaven and Hamburg were relatively flat.
EUROGATE Intermodal recently launched a new connection between Munich and Budapest to serve as a hub with the intra-Europe and Turkish regions. The EUROGATE Group’s intermodal segment recorded a volumes increase of 6.4 percent in 2016.
Looking ahead, EUROGATE’s CONTSHIP subsidiary Sogemar is planning to build a new 40 million euro container railway at the Medcenter Container Terminal in Gioia Tauro, Calabria to improve connections between the southern ports and central Europe.
EUROGATE saw the addition of its newest member, EUROGATE Container Terminal Limassol, in Cyprus in January 2017. The terminal has an annual handling capacity of 500,000 TEUs.
Overall, EUROGATE has a total of 12 locations throughout Europe and the Mediterranean.
EUROGATE reports 2016 earnings, volumes
