BLG Logistics pre-tax profit soared more than 42 percent in 2011 from the previous year to 48.5 million euros ($63 million) as the Bremen-based stevedore’s revenue topped 1 billion euros ($1.3 billion) for the first time.
Earnings will be “significantly in excess” of $52 million in the current year on revenues of about $1.4 billion as “ we will tap new markets and win over further customers,” said BLG chief executive Detthold Aden.
The 12.4 percent increase in 2011 revenue was driven by growth in BLG’s auto logistics unit and its container terminal joint venture with German stevedore Eurogate.
BLG handled 6.5 million vehicles last year, a 20 percent increase on 2010 driven by surging German exports that consolidated its position as Europe’s market leader in the sector. Bremerhaven’s traffic jumped 30 percent to 2.08 million vehicles, making it Europe’s largest auto port.
BLG’s joint venture with Eurogate grew traffic at its 10 terminals in Germany, Italy, Portugal Morocco and Russia by 5.2 percent to 13.3 million 20-foot equivalent units. Bremerhaven traffic soared 21 percent to 5.9 million TEUs.
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