Subscribe to RSS feedHapag-Lloyd announces losses
by
Jim Wilson
—
last modified
May 14, 2009 05:41 PM
GERMANY’s largest container carrier, Hapag-Lloyd, suffered operating losses of €222m (US$302.5m) during the first three months of the year, compared with an operating profit of €18.5m in the previous year.
The carrier’s sales dropped by 22.9% to €1.1bn as freight rates and volumes plummeted, Rainer Feuerhake, chief financial officer of Tui, that sold the majority of Hapag-Lloyd in March, said.
Tui did not release separate net loss or profit figures for Hapag-Lloyd. Tui still owns a 43.3% stake in Hapag-Lloyd and is the single largest shareholder in the line. The carrier’s results for the first quarter were fully consolidated in Tui’s balance sheet for the last time.
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