Tuesday, 1 September 2009

Ports group profits down

PD Ports’ profits fell by more than 45% in the year to the end of June, as both containerised and bulk volumes were hit by the recession.
Container volumes dropped year-on-year by almost a third, from 770,000teu to 520,000teu, while lo-lo volumes declined 26% and ro-ro traffic 14%.
Non-containerised traffic dropped 11% because of the “uncertainty” surrounding Corus’ steel production site at its Teesport facility, which is facing closure.
PD Ports said the recession-related volume decreases caused its ebitda to drop from £59.5m (US$96.6m) to £32.6m while revenues fell to £121.6m from £133.6m.
Looking to the next 12 months, PD Ports was confident its volumes would increase, as retailer Tesco had opened an import facility at the port.
PD Ports’ owner, Babcock and Brown Infrastructure, confirmed it was pushing ahead with the sale of PD Ports, as previously reported in IFW.


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