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HHLA Q1 Profit, Revenues Down; Sees Significant Decline In FY20 Results

German logistics and transportation company Hamburger Hafen und Logistik AG or HHLA (HHULF.PK,HHULY.PK) reported Tuesday that its first-quarter profit after tax and minority interests plunged 65.6 percent to 10.1 million euros from 29.4 million euros last year.

The operating result or EBIT decreased 38.6 percent to 36.7 million euros from 59.7 million euros last year. EBIT margin was 10.9 percent, down from 17.2 percent last year.

EBITDA declined 21.3 percent to 77.5 million euros from last year's 98.4 million euros. EBITDA margin dropped to 23.1 percent from prior year's 28.3 percent.

Revenue declined 3.4 percent to 335.7 million euros from 347.6 million euros a year ago.

Looking ahead for fiscal 2020 as a whole, the company projects significant decline in revenue and earnings.

Angela Titzrath, Chairwoman of HHLA's Executive Board, said, "Our expectations for the current financial year were marked by optimism; …. The effects of the storms in the spring and the rapid spread of the coronavirus pandemic have nevertheless left a mark on our performance figures. ..2020 will be one of the most challenging years in the history of HHLA."

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