APM Terminals boosted second quarter operating profit to $179 million from $160 million a year ago even as traffic stalled in a growing global market.
A.P. Moller-Maersk’s port arm handled 9.1 million 20-foot-equivalent units in the three months through June, unchanged from the same period in 2012, as lower activity in Europe and North America was offset by increased activity in high-growth markets.
By contrast, the global container terminal market measured in TEUs increased by 4 percent during the second quarter and by 3 percent in the first half of the year, according to Drewry, a London-based consultancy.
Volumes from customers outside the group, including Maersk Line, grew by 7 percent in the first half to reach 50 percent of total throughput, compared with 47 percent in the same period in 2012.
Revenue grew by 1.9 percent to $1.07 billion, mainly due to higher construction fees on behalf of certain concession grantors.
The company expects to begin operations at its jointly owned Santos terminal in the third quarter following delays in obtaining permits from the Brazilian authorities.
A.P. Moller-Maersk CEO Nils Andersen said it is “crucial” to get Santos and the Maasvlakte 2 terminal nearing completion in Rotterdam “moving as quickly as possible.”
APM Terminals is on track to hit its $1 billion profit target in 2016, Andersen said. The company posted a $723 million profit in 2012.