GERMANY's
Hapag-Lloyd, only weeks away from its merger with Chile's
CSAV, posted a 50 per cent year-on-year drop in third quarter operating
profit to EUR33.1 million (US$41.2 million).
The company saw its net profit fall deeper into the red
at $50.7 million, posting a widening loss for the first nine months of the year
to EUR224 million from EUR56.1 million the year before.
Hapag-Lloyd
CEO Rolf Habben Jansen described the performance
unsatisfactory but maintained that the group was on the right strategic path.
He spoke of significant operational savings and cost
synergies totalling €EUR300 million yet to be exploited from the planned
integration with Chilean carrier CSAV.
Hapag-Lloyd's container liftings increased six per cent
to 4.3 million TEU in the first nine months, but revenues fell by 2.5 per cent
because of weak freight rates and the depreciation of the dollar versus the
euro with per-box yield, falling five per cent to $1,432 per TEU.
Source : HKSG.
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