PREUSSAG REPORTS BOOM IN HAPAG-LLOYD RESULTS
Preussag AG, the German parent company of Hapag-Lloyd Container Line, Pracht Freight Forwarding, VTG-Lehnkering, and Algeco, reported a 108-percent jump in profits, to 177 million euro ($159 million) from its logistics division for the nine-month period ended June 30.
The result from the logistics division compares with a profit of 85 million euro in the period from Oct. 1, 1998 to June 30, 1999.
Revenue from the logistics division, which includes container shipping, forwarding, chemicals logistics and construction module activities, increased by 17 percent during the same period, to 2.6 billion euro ($2.3 billion), up from 2.2 billion euro previously.
Preussag said that the 108-percent rise in logistics profits “was again essentially supported by Hapag-Lloyd Container Line.”
The largest profit-making division of the Preussag group remains its industrial division.
Group-wide, Preussag reported a net profit for the nine-month period of 202 million euro ($182 million), up by 18 percent, on revenues of 13.8 billion euro ($12.5 billion), up by 33 percent.