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HHLA Group Q3 Profit Declines, Revenue Down 7.7%; Projects Significant Decrease In 2023 Revenue

November 14, 2023 — 03:30 am EST

Written by RTTNews.com for RTTNews

(RTTNews) - Hamburger Hafen und Logistik AG reported that its third quarter profit after tax and minority interests was 3.7 million euros, a decline of 85.7% from a year ago. EBIT was 25.3 million euros, down 57.1%. Third quarter revenue was 362.9 million euros, a decline of 7.7%.

For the nine month period, profit after tax and minority interests was 11.9 million euros, a decline of 83%. Operating result or EBIT decreased by 52.8 percent to 75.6 million euros. Revenue was 1.09 billion euros, down 7.1%.

HHLA Group noted that the ongoing war in Ukraine, geopolitical tensions, inflation and rising interest rates put pressure on consumer and industrial demand and are continuing to hinder the global economic recovery in the aftermath of the pandemic.

For 2023, overall, the Group projects a significant decrease in revenue. The operating result or EBIT is still expected to be between 115 million euros and 135 million euros.

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