Hapag-Lloyd’s 3rd-quarter profits up 2.3%

Hapag-Lloyd’s 3rd-quarter profits up 2.3%    TUI AG reported today that its container and cruise shipping subsidiary Hapag-Lloyd, posted a 2.3 percent rise in third quarter net earnings to 89 million euros ($105 million), from 87 million euros last year.
   Hapag-Lloyd’s revenues in the latest quarter increased 20.4 percent to 873 million euros ($1.02 billion), compared to 725 million euros in the third quarter 2004.
   For the year-to-date Hapag-Lloyd’s net earnings are up 3.1 percent to 199 million euros ($234 million), compared to 193 million euros after the first nine months last year. Revenues have risen 17 percent to 2.31 billion euros ($2.72 billion) from 1.97 billion euros.
   TUI said Hapag-Lloyd Container Line transported 1.96 million TEUs through the first three quarters of the year, a 9 percent increase over the 1.79 million TEUs carried in the first nine months of 2004. For the nine month period, the German carrier said it handled 807,000 TEUs in the Asia/Europe market (up 7 percent); 522,000 TEUs in the transpacific market (up 13 percent); 498,000 TEUs in the transatlantic trade (up 8 percent); and 140,000 TEUs in the Latin American market (up 10 percent).
   “The two cornerstones of our group, tourism and shipping, have proven to be stable and profitable. Despite some unexpected influences which affected the earnings performance in the first nine months, we are optimistic that we will achieve our earnings objectives in both divisions,” said Michael Frenzel, TUI’s chief executive officer.
   Financial results for TUI’s recent acquisition CP Ships, will be incorporated into TUI’s fourth quarter results.