Skip to content

Sign up to the Port Tech Daily News for free to keep up to date with the latest industry news

HHLA sees revenue plummet due to pandemic

HHLA sees revenue plummet at start of 2021
Share on twitter
Twitter
Share on facebook
Facebook
Share on linkedin
LinkedIn
Share on email
Email

Hamburger Hafen und Logistik AG (HHLA) claimed it has come through the COVID-19 pandemic after it posted revenue of $1.58 billion in 2020, down on the $1.67 billion of 2019.

In a statement, the terminal operator said it had set aside a provision of approximately $52.14 million in the fourth quarter of 2020 as part of a restructuring programme in its container segment.

Its Port Logistics subgroup’s revenue reached $1.54 billion, down from $1.64 billion in 2019.  The subgroup generated an operating result of approximately of $133.39 million, down 46.1% from 2019’s figure $204 million.

Angela Titzrath, Chairwoman of HHLA’s Executive Board: “Thanks to the prompt implementation of operational measures and the discipline of our employees, HHLA has come through the coronavirus pandemic well so far.

Preliminary figures for the 2020 financial year confirm this. With the planned provision, we want to increase the performance and competitiveness of the container segment so that HHLA can continue to meet its customers’ demands in the future.”

HHLA has taken numerous measures to expand its operations in 2020, including acquiring automation technology iSAM AG in January.

Want to stay up to date with the latest industry news? Sign up to the Port Tech Daily News and receive stories like this directly to your inbox for free.

Latest Journal

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.