Terminal operator posts profits of US$179 million, volumes unchanged
APM Terminals has defied the global slowdown in container traffic after posting a US$179 million second quarter operating profit, up $19 million compared to the same period the previous year.
The interim result of AP Moller Maersk’s port operating arm is all the more surprising when considering the fact that its container volumes remained relatively unmoved at 9.1 million TEU. In a release, the Dutch-based firm said that increased activity in high-growth markets helped to offset a notable slowdown in its container business in the European and North American markets.
Volumes from customers outside the group, which includes Maersk Line, grew seven percent in the first half of the year, according to half-year figures, representing 50 percent of total throughput, up three percent on the previous year.
Revenue during the second quarter of the year increased 1.9 percent, mainly due to higher construction revenue on behalf of certain concession grantors, which also reduced the company’s EBITDA margin. Meanwhile, invested capital was also up from $4.4 billion in Q2 2012 to $5.6 billion, which includes APM Terminals’ acquisition of a 37.5 percent co-controlling share of Russia’s largest terminal operator Global Ports Investments PLC.
According to AP Moller-Maersk CEO Nils Andersen, APM Terminals is on track to meet its 2016 target of achieving a $1 billion profit. APM Terminals posted a $723 million profit in 2012.