Hamburger Hafen & Logistik AG, which handles two-thirds of containers in the Port of Hamburg, said first-quarter profit jumped 47 percent because of growth in European exports to China and increasing traffic to Russia.
Net income rose to 16.4 million euros ($23.4 million), the Hamburg-based company said in a statement today. Revenue climbed 22 percent to 289.8 million euros, beating the 267.6 million- euro average estimate of 13 analysts surveyed by Bloomberg.
Hamburg, Europe’s third-largest container port, handles about 25 percent of Germany’s sea-bound exports, and Asia accounts for almost 60 percent of its cargo volumes. Container throughput destined for Asia from Europe grew 41 percent in the first quarter, Hamburger Hafen & Logistik said today. The company forecast growth in container volumes, earnings and sales of “well above” 10 percent for the full year, it said.
“Container throughput at HHLA’s terminals in Hamburg increased substantially in the first three months of 2011, especially involving the shipping regions which had been hardest hit by the global economic crisis,” the company said.
To contact the reporter on this story: Niklas Magnusson in Hamburg at firstname.lastname@example.org
To contact the editor responsible for this story: Angela Cullen at email@example.com