SCHENKERÆS 2001 EARNINGS UP 19%
Schenker AG, the logistics subsidiary of Stinnes, said its earnings in 2001 improved nearly 19 percent to euro 128 million ($116.0 million).
The Essen-based company reported upbeat results despite the impact of the Sept. 11 terrorist attacks on the air-freight market, and the overall economic slump.
Schenker's air and sea-freight operations/logistics unit saw sales increase slightly better than 1 percent, despite weak economic development in the second half of 2001. Earnings fell by about 4 percent, or euro 2 million ($1.8 million), due in part to the start-up and change-over costs incurred in some new logistics projects in Germany and the Netherlands.
The company's European land transport market also suffered in the second half of 2001, due to moderate economic growth in Western Europe and the slowdown in growth of countries in Eastern Europe.
Volumes improved 3 percent on average throughout all its business sectors despite the stagnating market. The land operations/logistics unit posted earnings of more than euro 100 million ($90.6 million), an increase of nearly 27 percent.
External sales stayed at about euro 3.5 billion ($3.2 billion) for the year. The 2000 figures included rail activities and sales generated by the Finnish subsidiary Huolintakeskus. However, the rail activities, of about euro 130 million, were transferred to Railog, the joint venture company established with Deutsche Bahn, and Huolintakeskus was sold in the fall of 2001.
SCHENKER’s 2001 EARNINGS UP 19%
