Eurogate, Europe’s largest container stevedore, saw profit shrink 30 percent in 2012 due to start-up costs for Germany’s first deep-sea terminal in the port of Wilhelmshaven and lower investment income.
Net profit fell to 54.6 million euros ($70.4 million) from 78 million euros ($100.6 million) in 2011 as the Bremen-based company’s revenue stalled at 654 million euros ($843.7million).
Earnings before interest, tax, depreciation and amortization were 11 percent lower at 154.3 million euros ($199 million).
Traffic at Eurogate’s terminals in Germany, Italy, Portugal, Morocco and Russia was unchanged at 13.3 million 20-foot equivalent units. Bremerhaven bucked the downward trend, with volume growing 3 percent, and minority-owned Italian terminals in Gioia Tauro and Cagliari boosted traffic by 18 percent and 5 percent respectively.
The market is still growing, “albeit significantly slowed by weak consumer demand in the eurozone,” Eurogate said.
“Given the uncertainties in the world economy, especially as a result of the European sovereign debt crisis, the outlook for 2013 is restrained,” said Thomas Eckelmann, chairman of Eurogate’s management board.