Although APMT Q3 2023 results were down on the corresponding period of 2022, there was evidence to suggest that the company’s trading performance was on the up.
While year-on-year, APMT, which is the world’s fifth largest operator of container terminals, posted a 10.6% decline in revenue, 9.7% fall in operating profit (earnings before interest tax depreciation and amortisation) and 4.1% decrease in box volumes (to 3.17M moves), quarter-on-quarter results were stronger. On a volume basis, for instance, traffic of 3.2M moves in Q3 2023 compared with 3.1M moves in the second quarter and only 2.8M moves in the opening quarter of the year.
Similarly, on the turnover front, revenues in Q3 2023 of US$1B compared with US$950M and US$876M in the second and first quarters respectively. At the EBITDA level, profit in Q3 2023 of US$353M compared with US$291M in the opening quarter of the year, a rise of 21.3%.
Returning to the year-on-year numbers, parent company AP Moller-Maersk Group said that APMT’s lower turnover was largely attributable to a decline in storage revenues as the global trading situation returned to normality and to lower volumes.
The reduction in traffic was largely due to ongoing construction work at its terminal in Mumbai, which limited operations, and its withdrawal from Itajai in Brazil and Luanda in Angola.
Overall, though, the group referred to APMT as having posted a “solid financial performance” as tariff increases in line with local inflation levels and strong cost control measures had largely covered the negative factors.
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This complete item is approximately 260 words in length, and appeared in the November 2023 issue of WorldCargo News, on page 4. To access this issue download the PDF here
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