COVID-19 makes 2020 impossible to predict, HHLA

Hamburger Hafen und Logistik AG (HHLA) has said it cannot forecast how it or the market will perform in 2020 due to the ongoing effects of the COVID-19 pandemic.

In its 2019 financial results, the terminal operator said it was “not possible” to accurately predict how it will fare in the next 12 months.

However, it said it was safe to assume its revenue and operating result for its Port Logistics division would be “strongly below” 2019’s results.

This is primarily due to the possible at least temporarily sharp declines in container throughput and transport.

HHLA’s revenue in 2019 rose by 7.1%, even though its post-tax profits declined by 1% as the terminal operator suffered a poor end to the year.

Its Port Logistics division’s revenue rose by 7.3%, and earnings before interest, taxes, depreciation and amortization (EBITDA) jumped by 20.5%.

Angela Titzrath, Chairwoman of HHLA’s Executive Board, said: “HHLA has mastered many crises in its 135 years.

“However, the economic shocks of the coronavirus pandemic present us with a challenge of a magnitude never seen before. Nevertheless, we are aware of our responsibility as a service provider for Germany as an industrialised nation.

“We will therefore act with prudence and caution and systematically implement the measures that are needed to guide HHLA through this challenging time. We stand by our long-term targets, irrespective of changes in the macroeconomic environment.”

https://www.porttechnology.org/news/covid-19-makes-2020-impossible-to-predict-hhla/