APM Terminals posted a modest increase in first half operating profit from a year ago as traffic grew at only half the rate of the global market.
The terminal operating unit of Denmark’s A.P. Moller-Maersk posted a headline profit of $528 million in the six months to June 30 compared with $211 million in the year-earlier period.
But excluding the $423 million pre-tax gain from the sale of a stake in the Yantian container terminal in China and a $52 million impairment charge, first half profit came in at $231 million against $204 million a year ago.
By The Numbers: Container Rate Benchmark.
Revenue edged up slightly to $2.183 billion from $2.121 billion.
Container traffic rose 6 percent to 15.8 million 20-foot equivalent units from 14.9 million TEUs, trailing an estimated 12 percent increase in the global container terminal market during the first half of 2010.
Discontinuing operations at minor terminals in Oakland and Savannah in the U.S. and in Kaohsiung, Taiwan, probably accounted for 3 percentage points of lost growth, according to A.P. Moller-Maersk CEO Nils Andersen.
“And last year when the market was tanking we were doing better,” Andersen said in a conference call with investment analysts.
APM Terminals increased the volume of business from carriers other than A.P. Moller-Maersk’s Maersk Line and Safmarine by 18 percent in the first half of the year.
This raised the share of third party customers to 43 percent from 38 percent in the same period in 2009.
Andersen confirmed A.P. Moller-Maersk would continue to focus investment toward container terminals and its oil and gas activities.
The terminal operating unit of Denmark’s A.P. Moller-Maersk posted a headline profit of $528 million in the six months to June 30 compared with $211 million in the year-earlier period.
But excluding the $423 million pre-tax gain from the sale of a stake in the Yantian container terminal in China and a $52 million impairment charge, first half profit came in at $231 million against $204 million a year ago.
By The Numbers: Container Rate Benchmark.
Revenue edged up slightly to $2.183 billion from $2.121 billion.
Container traffic rose 6 percent to 15.8 million 20-foot equivalent units from 14.9 million TEUs, trailing an estimated 12 percent increase in the global container terminal market during the first half of 2010.
Discontinuing operations at minor terminals in Oakland and Savannah in the U.S. and in Kaohsiung, Taiwan, probably accounted for 3 percentage points of lost growth, according to A.P. Moller-Maersk CEO Nils Andersen.
“And last year when the market was tanking we were doing better,” Andersen said in a conference call with investment analysts.
APM Terminals increased the volume of business from carriers other than A.P. Moller-Maersk’s Maersk Line and Safmarine by 18 percent in the first half of the year.
This raised the share of third party customers to 43 percent from 38 percent in the same period in 2009.
Andersen confirmed A.P. Moller-Maersk would continue to focus investment toward container terminals and its oil and gas activities.