HHLA lowers forecast for current financial year

HHLA lowers forecast for current financial year

July 28, 2023

German port and terminal operator Hamburger Hafen und Logistik AG (HHLA) is adjusting its forecast for the current financial year based on preliminary figures for the first half of 2023.

HHLA now expects container throughput to be at the level of 2022, while the company had previously forecasted a year-on-year moderate increase in box volumes. Additionally, HHLA said that the expected decrease in revenue for the Port Logistics subgroup became “significant” from “slight”.

Overall, a “significant” decrease in revenue is forecast at a Group level from a “moderate” one. Against the background of the changed expectations, the operating result (EBIT) will be within a range between €115 and 135 million (previously: within a range between € 160 and 190 million), said HHLA in its latest forecast.

“The ongoing war in Ukraine, geopolitical tensions, inflation and rising interest rates are weighing on consumer and industrial demand and continuing to slow down the global economic recovery after the pandemic. Several economic research institutes have recently revised their forecasts for the German economy downwards accordingly, most recently also the International Monetary Fund,” commented the operator.

In view of the aforementioned volatile environment, the outlook continues to be subject to considerable uncertainties, pointed out HHLA.

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