PREUSSAG REPORTS BOOST IN PROFIT FROM HAPAG-LLOYD, LOGISTICS

PREUSSAG REPORTS BOOST IN PROFIT FROM HAPAG-LLOYD, LOGISTICS    Preussag AG, the German conglomerate, reported a 59-percent increase in the profits of its logistics and shipping subsidiary Hapag-Lloyd AG for its fiscal year ending Sept. 30, 2000, to euro 220 million ($207 million).
   Consolidated revenues from Hapag-Lloyd AG, which comprises Hapag-Lloyd Container Line, Hapag-Lloyd Cruises, VTG-Lehnkering, Pracht Spedition und Logistik and Algeco Group, increased 19 percent during the 1999/2000 financial year, to euro 3.6 billion ($3.4 billion).
   Of the total revenues at Hapag-Lloyd AG in 1999/2000, euro 2.4 billion ($2.3 billion) came from shipping and euro 1.6 billion ($1.5 billion) was generated by logistics activities.
   “Container shipping in particular benefited from the growth in world trade and underwent considerable expansion,” Preussag said. The parent company did not detail the profit of Hapag-Lloyd Container Line, but said its revenue rose 28 percent to euro 2.1 billion ($2 billion) in the last financial year, and “results increased by considerably more.”
   The shipping line’s container volume increased 14 percent last year, to 1.57 million TEUs. Preussag said the carrier’s increase in transport volume, improved freight rates, a stable U.S. dollar, higher productivity and lower costs more than compensated for the higher fuel costs last year.
   The Preussag conglomerate also reported a group net profit of euro 331 million ($312 million), up 16 percent, on revenues of euro 21.9 billion ($23.4 billion), up 32 percent. Besides shipping and logistics, the German conglomerate includes tourism and energy activities.