HAMBURG (dpa-AFX) - Hamburger Hafen und Logistik AG (HHULF.PK, HHULY.PK), a German logistic company, on Tuesday reported a decline in earnings and revenue for the first-half of 2023, amidst weak market trends, due to persisting war in Ukraine, geopolitical tensions, inflation, and rising interest rates.
Citing current weak market conditions, the company also revised down its full-year 2023 guidance.
For the six-month period to June, the company posted profit after tax and non-controlling interests of 8.2 million euros, significantly lesser than 43.9 million euros, registered for the same period of previous year.
Operating result or EBIT decreased to 50.4 million euros from last year's 101.3 million euros.
EBITDA was at 139 million euros, compared with 191.3 million euros of 2022.
Revenue stood at 727.1 million euros as against 779.5 million euros of previous year.
Looking ahead, for full year 2023, the company now projects EBIT to be in the range of 115 million euros - 135 million euros against its previous outlook of 160 million euros - 190 million euros.
Hamburger Hafen now expects a significant decrease in revenue against its previous guidance for a moderate increase in revenue.
Hamburger Hafen still expects a capital expenditure of 250 million euros to 300 million euros, for the year.
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