The Luka Koper Group’s performance in the first quarter of this year was primarily impacted by weak economic activity in the euro area and sluggish growth in the global economy.
Slower-than-expected economic growth and the uncertain situation in the Middle East have resulted in slightly lower maritime throughput. The first quarter saw throughput reach 5.3 million tonnes, a 7% decline from the same period in 2023 and 9% below projections.
Container throughput fell to 256,240 TEUs, an 8% decrease from the first quarter of last year, while car throughput dropped to 189,855 units, down 18%.
Both commodity groups were impacted by the challenging conditions mentioned and, for cars, by weaker sales in certain markets. Dry bulk throughput decreased by 18%, primarily due to lower coal volumes, although fertilizers, wheat, and phosphates saw increases compared to last year. The general cargo segment grew by 10%, driven by higher throughput of steel products, equipment, and timber exports, while liquid cargoes increased by 3%.
Also, the operating result (EBIT) reached US$19.3 million, exceeding plans by US$2 million or 13%. This was largely due to a 7% reduction in operating costs, driven by lower-than-expected headcount, reduced volume-dependent service costs, and lower energy expenses.
However, compared to the same period last year, EBIT was 9% lower, primarily due to increased labor costs and decreased warehousing income. Net profit stood at US$16.7 million, 9% above projections but 7% below the previous year’s figure.
Furthermore, net turnover amounted to US$86 million, 4% below the planned level and 1% lower than the net turnover achieved in the previous year’s first quarter. Revenue from increased container stuffing and stripping services and other additional services on goods was higher than the previous year. However, revenue from warehousing fees decreased due to the shorter dwell time of containers and other goods in storage.
“In line with the annual and strategic business plan adopted at the end of last year, we continued our activities to increase port capacity, spending US$12 million, 38% more than in the first quarter of last year. We continued with the construction of Berth 12 at Pier 2 and the relocation of the storage blocks at the Container Terminal. We were also active in sustainable investments (US$4,8 million) as we installed a 3.3 MW photovoltaic power plant at the General Cargo warehouses, one of the largest in Slovenia,” stated a Port of Koper spokesperson.
