German logistics company Hamburger Hafen und Logistik AG (HHLA) defied the economic crises in Ukraine and Russia to increase revenue last year.
The economic difficulties in Ukraine and Russia combined with the slowdown in growth in the global economy and global trade made trading difficult in 2014, but HHLA was still able to achieve impressive operating results of €169m (US$190.9m), up 10% on the previous year.
HHLA’s chairman of the executive board, Klaus-Dieter Peters, said: “Our vertical group strategy proved to be so robust in 2014 that we were still able to generate above-average results even in a difficult operating environment, which included a further delay in the dredging of the river Elbe and the regional crises in Russia and Ukraine.”
According to preliminary unaudited figures, HHLA increased its group revenue to €1.2bn (US$1.35bn) compared to last year’s €1.4bn (US$1.58bn) and reported an operating result of €169m (US$191m) up on the previous year of €154m (US$175m).
Container throughput at the three container terminals in Hamburg increased by a moderate 1.2% on the previous year to 7.2m teu. This rise was not enough to fully offset the drop in throughput at the Container Terminal Odessa in Ukraine caused by the crisis, as throughput there fell by nearly 30% to almost 300,000 teu with total container throughput remaining at previous year’s level of 7.5m teu.