HAMBURG (dpa-AFX) - Disrupted supply chains and the weakening economy have resulted in a loss for the port logistics company HHLA in the first quarter. The environment was characterized by ongoing crises and increasing geopolitical tensions, the company announced in Hamburg on Wednesday. In addition, the military conflict in the Red Sea at the beginning of the year led to significant delays and cancellations of ships in European ports, according to HHLA. This had an impact on hinterland traffic. The Executive Board nevertheless confirmed its forecast for the year.

At around 364 million euros, revenue remained at the previous year's level. However, earnings before interest and taxes fell by almost a quarter to 17.4 million euros. The bottom line was even a loss of 1.1 million euros after a profit of 2.8 million a year earlier.

For 2024, HHLA's management continues to expect a moderate increase in revenue and an operating result before interest and taxes (EBIT) of EUR 85 to 115 million.

HHLA has three main pillars: Container handling at its terminals, container transportation and the real estate division. The company recorded a 3.3 percent increase in container throughput in the first three months to just under 1.5 million standard containers (TEU). Earnings before interest and taxes rose by 87.3 percent to 10.7 million euros.

In contrast, the Port Logistics subgroup, which is listed on the stock exchange, recorded a slight decline in turnover to 354.9 million euros and a net loss of 3.4 million euros in the first three months. Container transport fell by 5.5 percent to 386,000 TEU.

Revenue from HHLA's properties in the historic Speicherstadt warehouse district and the fish market area fell by 2.0 percent to 11.4 million euros, while earnings before interest and taxes dropped by 17.0 percent to 3.6 million euros.

Last year, the company posted its worst result for almost 15 years. In order to stabilize the port and, above all, container handling, Hamburg's red-green Senate wants to bring the shipping company MSC on board the largest handling company - the port logistics company HHLA.

In future, the city and the Italian Mediterranean Shipping Company (MSC), based in Geneva, are to run Hamburger Hafen und Logistik AG (HHLA) as a joint venture in which the city holds a majority of 50.1 percent. To date, the city has owned around 70 percent of HHLA, which is listed on the stock exchange.

In addition to increasing HHLA's equity by 450 million euros, the plan is for MSC to increase its cargo volume to one million standard containers per year by 2031. There is considerable opposition to the deal, particularly from port workers, works councils, the trade union Verdi and the opposition in the city parliament. Parliament is expected to make a final decision on the deal at the end of May./lew/klm/men