APM Terminals net profit jumps in first half of 2008
the port operator wing of Denmark's giant maritime conglomerate Maersk – has reported a net profit of $185 million (Dh680m) for the first half of 2008, a sharp increase on the $51m clocked up in the same period last year.
Revenue increased by 27 per cent to $1.5 billion, with an increase in the margin of earnings, before interest, taxation, depreciation and amortisation from 18 per cent in 2007 to 21 per cent.
First half volume handled, weighted by ownership share, increased by nine per cent versus an estimated general market growth rate of eight per cent.
The results also benefited from a $59m gain on selling a 20 per cent shareholding in the Qasim International Container Terminal in Port Qasim, Pakistan.
APM Terminals' Chief Executive Kim Fejfer said: "In very challenging shipping and economic environments, APM Terminals' progress and growth remain steady and positive.
"The strength of the organisation and the global terminal network is reflected not only in our financial performance, but in our continued success in gaining new customers and winning new terminal development projects around the world."
During the period, APM Terminals completed implementation of terminal projects in Xiamen, China; Tangier, Morocco; and Tema, Ghana. Work started on a terminal in Vado in Italy and on expansion projects in Salalah, Rotterdam and Tanjung Pelepas.
Volume from other customers than Maersk Line constitutes an increasing share of volume, reaching 38 per cent in the first half of 2008 as against 33 per cent in the first half of 2007.
APM Terminals, with corporate headquarters in The Hague is one of the world's largest global container terminal owners and operators, with more than 50 terminals in 31 countries on five continents, serving more than 60 container shipping lines around the world.
Revenue increased by 27 per cent to $1.5 billion, with an increase in the margin of earnings, before interest, taxation, depreciation and amortisation from 18 per cent in 2007 to 21 per cent.
First half volume handled, weighted by ownership share, increased by nine per cent versus an estimated general market growth rate of eight per cent.
The results also benefited from a $59m gain on selling a 20 per cent shareholding in the Qasim International Container Terminal in Port Qasim, Pakistan.
APM Terminals' Chief Executive Kim Fejfer said: "In very challenging shipping and economic environments, APM Terminals' progress and growth remain steady and positive.
"The strength of the organisation and the global terminal network is reflected not only in our financial performance, but in our continued success in gaining new customers and winning new terminal development projects around the world."
During the period, APM Terminals completed implementation of terminal projects in Xiamen, China; Tangier, Morocco; and Tema, Ghana. Work started on a terminal in Vado in Italy and on expansion projects in Salalah, Rotterdam and Tanjung Pelepas.
Volume from other customers than Maersk Line constitutes an increasing share of volume, reaching 38 per cent in the first half of 2008 as against 33 per cent in the first half of 2007.
APM Terminals, with corporate headquarters in The Hague is one of the world's largest global container terminal owners and operators, with more than 50 terminals in 31 countries on five continents, serving more than 60 container shipping lines around the world.