The revenue and earnings performance of the German port and terminal operator Hamburger Hafen und Logistik AG (HHLA) declined in the first three months of 2024.
HHLA pointed out that ongoing crises, rising geopolitical tensions and military conflicts worldwide have created an unstable trade environment and have resulted in major delays and several sailing cancellations in European ports.
As a result, HHLA’s revenue decreased slightly in the first quarter by 0.3% to €363.6 million. However, the Group operating result (EBIT) fell significantly by 23.9% to €17.4 million with the EBIT margin amounting to 4.8% (previous year – 6.3%).
Additionally, the company reported a loss of €1.1 million in the first quarter of the year, while in the same period last year, HHLA achieved a profit of €2.8 million.
Angela Titzrath, CEO of HHLA, commented, “The start of HHLA in 2024 was made even more difficult by the disruptions in the supply chains due to the situation in the Red Sea and the challenging economic environment. Ships were delayed at the ports, which in turn affected HHLA’s container terminals and hinterland traffic. Despite the market uncertainties, HHLA has pushed ahead with its forward-looking transformation while investing in the expansion of its network and the modernisation of its facilities.”
In the same period, container throughput at HHLA’s box terminals increased by 3.3% on the weak figure for the first three months of the previous year to 1,464,000 TEUs.
