German logistics firm Hamburger Hafen und Logistik AG, or HHLA, (HHULY.PK,HHULF.PK) reported Friday a higher profit for full year 2011, helped by strong results from its core business operated by Port Logistics Subgroup. For 2012, HHLA expects revenues, container throughput and results to grow in the region of 5 percent.
Klaus-Dieter Peters, chairman of the company's executive board said, "In a challenging market environment, we grew faster than our major competitors and increased our revenue and results considerably. Given the growth in surplus capacity at the terminals of rival ports in Northern Europe, the difficult situation for container shipping as a whole and the protracted delay in the dredging of the river Elbe's navigation channel, this is a remarkable achievement."
Meanwhile, the company cautioned that based on the events of the year to date and current market estimates, it is expected that 2012 will see a substantial decline in global economic growth and a slowdown in global trade and container handling.
For the full-year 2011, profit after tax increased 4.3 percent to 118.8 million euros from 113.9 million euros in the previous year. Profit after tax and minority interests grew 17.1 percent to 89.3 million euros.
The listed Port Logistics subgroup, in which HHLA's core business is pooled, posted EBIT of 194.8 million euros, up 8.3 percent from last year. Earnings per share for the Port Logistics subgroup rose 20.2 percent to 1.20 euros.
HHLA's operating result, or EBIT, improved 7.3 percent to 207 million euros.
Revenues for the year grew 14 percent year-over-year to 1.22 billion euros. Port Logistics subgroup, which accounted for 98 percent of HHLA's revenue, reported revenue of 1.19 billion euros in 2011, up 14.2 percent from the prior year.
HHLA said its container throughput for the year increased 21.3 percent to 7.1 million standard containers and container transport was up 11.3 percent.
The company also said its board will propose at the 2011 Annual General Meeting to pay out a dividend of 0.65 euros per Class A share in the Port Logistics subgroup, an increase of 18.2 percent from last year.
In Frankfurt's Xetra, HHLA shares are currently trading at 25.12 euros, up 1.15 percent, on a volume of 5 thousand shares.
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