PREUSSAG REPORTS HIGHER REVENUE FROM LOGISTICS

PREUSSAG REPORTS HIGHER REVENUE FROM LOGISTICS    Preussag, the german conglomerate that owns container shipping and logistics group Hapag-Lloyd, reported an increase in revenues from its logistics arm for the financial year ended Sept. 30, 2000.
   The logistics division increased revenues for the financial year to 3.6 billion euros ($3.2 billion), up 19 percent over the previous year.
   Hapag-Lloyd Container Line “continued its sound business development of previous quarters” thanks to “substantial transport volumes as well as a further improvement in freight rates and the persistently high exchange rate of the U.S. dollar,” Preussag said.
   Overall, Hapag-Lloyd Container Line increased its transport volume over the past financial year by about 10 percent, to some 1.6 million TEUs.
   Preussag said that business at VTG-Lehnkering, the chemical logistics provider, “was steady and satisfactory.” Algeco, the mobile building units provider owned by Hapag-Lloyd, “continued the excellent development seen in previous quarters.”
   Preussag did not disclose revenue figures for the various arms of its logistics division, nor their profit results.
   The Preussag group said that its latest quarter, ended Sept. 30, was “a very successful one,” a situation underpinned by favorable conditions in virtually all business units.
   Preussag’s group revenues for the 1999/2000 financial year were 21.8 billion euros ($19 billion), up 32 percent on last year. The tourism division accounted for 10.6 billion euros ($9.4 billion) of group revenues, logistics 3.6 billion euros ($3.2 billion) and industrial activities 7.6 billion euros ($6.8 billion).