In addition, the logistics provider and container terminal operator’s container throughput was hindered by slower economic growth in China and lower feeder volumes for the Baltic Sea ports.
Hamburger Hafen und Logistik AG (HHLA) reported earnings before interest and tax (EBIT) of 66.9 million euros (U.S. $74.7 million) for the first six months of 2016, down 19.1 percent year-over-year, the company said.
Excluding the 14.9 million euro one-off expense for the restructuring of project and contract logistics, HHLA’s EBIT would have totaled 81.8 million euros for the first six months of 2016.
The logistics provider and container terminal operator’s revenues for the first six months of the year slipped 2 percent from the corresponding period in 2015 to 573.5 million euros.
Container throughput fell 5.7 percent year-over-year to 3.2 million TEUs. “Slower economic growth in China and lower feeder volumes for the Baltic Sea ports continued to have a negative impact on our business,” HHLA Executive Board Chairman Klaus-Dieter Peters said.
Container volumes through HHLA’s terminals in Hamburg declined 6.2 percent year-over-year to 3.1 million TEUs. However, volumes through Container Terminal Odessa on the Black Sea rose 5.9 percent year-over-year to 132,000 TEUs as the Ukrainian economy is slowly beginning to improve.
Meanwhile, HHLA’s intermodal companies increased transport volumes 6.2 percent from the first six month of 2015 to 694,000 TEUs, largely driven by rail transportation.
HHLA posts decline in EBIT, revenues
