LINER PROFIT DOWN FOR HAPAG-LLOYD

LINER PROFIT DOWN FOR HAPAG-LLOYD

LINER PROFIT DOWN FOR HAPAG-LLOYD
   Though Hapag-Lloyd’s overall results for last year’s first nine months
were up because of tourism activities, the company’s liner-shipping results
were down.
   Liner shipping produced an operating profit of 50 million marks ($30
million) on revenues of 2.1 billion marks ($1.3 billion). The company said
that was down from a year earlier.
   Hapag-Lloyd said that the result is satisfactory in view of market
conditions, particularly the container supply imbalance in Asia. During the
nine-month period, Hapag-Lloyd Container Line carried 970,000 TEUs, up 18
percent.
   Including tourism, the Hapag-Lloyd group reported a 28-percent rise in
operating profit, to 345 million marks ($207 million), and a doubling of
group revenues to 11.8 billion marks ($7.1 billion).