Hamburger Hafen & Logistik AG, the handler of about three in four containers at Hamburg’s port, posted a 16 percent drop in nine-month profit as modernization of a terminal drove up costs. The shares fell the most in three months.
Hamburger Hafen & Logistik AG, which handles about 80 percent of containers at the port of Hamburg, stuck to a forecast of possible revenue growth this year after first-quarter volume at its rail and trucking operations rose.
Hamburger Hafen und Logistik AG expects revenues to exceed 1 billion euros this year and said an operating result of 180 million euros is possible. The Hamburg- based company also forecast growth for 2011 as the recovery in transport volumes accelerates.
Hamburger Hafen & Logistik AG , which handles two-thirds of containers in the Port of Hamburg, said first-quarter profit jumped 47 percent because of growth in European exports to China and increasing traffic to Russia.
German business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A measure of construction activity fell.