APMT in Q1 Revenue Dip


APM Terminals (APMT) delivered a profit of US$190 million ($215 million) and a ROIC of 12.9% (14.0%). The underlying profit was $175 million ($216 million).

Its revenue increased by 4%, as a result of an increase in pass-through construction revenue. However, revenue decreased by 3% compared to 2014, primarily due to the weakening of local currencies against the US dollar, as well as the low oil price negatively impacting revenues of some key terminals in oil-dependant markets.

The number of containers handled by APMT decreased by 2.6% compared to 2014, reaching 9.1 million TEU. This decrease was mainly due to the divestment of APMT Virginia, Portsmouth, USA and Terminal Porte Océane S.A. in Le Havre, France during Q3 2014, which negatively impacted volumes by 3.4%.

Partially offsetting this was the volume ramp up in Maasvlakte II, Rotterdam, the Netherlands, which recently underwent its grand opening ceremony, and Brasil Terminal Portuario SA, Santos, Brazil.

Like-for-like volumes increased by 0.4% in Q1, 2015 compared to the same period in 2014. APMT grew less than the market in large part due to lower volumes in key oil dependent markets.

APMT has identified a number of initiatives to drive margin improvements through increasing operational efficiency, growing volumes and diversifying the revenue base by focusing on the value proposition towards the cargo owners. These initiatives resulted in additional profit of around $58 million in Q1, 2015.

The terminal giant recently achieved a productivity record at its Itajai container terminal in Brazil by completing around 125 crane moves per hour.

It has also recently announced that it plans to sell-off its stevedoring business in Charleston, US in a bid to focus on container trade.

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