German logistics company Hamburger Hafen Und Logistik on Wednesday reported a net loss and a decline in revenue for the first quarter, citing disruptions caused by attacks by Yemen's Houthi rebels on shipping in the Red Sea.
For the first quarter, the Hamburg-based company recorded a net loss of €1.1 million ($1.19 million), compared with a net profit of €2.8 million posted for the same period last year.
HHLA chief executive Angela Titzrath, said: "The start of HHLA in 2024 was made even more difficult by the disruptions in the supply chains due to the situation in the Red Sea and the challenging economic environment."
"Ships were delayed at the ports, which in turn affected HHLA's container terminals and hinterland traffic," she added.
HHLA reaffirmed its annual revenue guidance.
Earnings before interest and taxes (EBIT) stood at €17.4 million compared to last year's €22.9 million
Earnings before interest, tax, depreciation and amortization (EBITDA) slipped to €61.6 million from €67.2 million last year.
Revenue moved down slightly to €363.6 million, from €364.7 million in 2023.
Looking ahead to the full year, HHLA still expects to post EBIT of €85 million to €115 million, with a moderate increase in revenue.
The company continues to project annual capital expenditure of €400 million to €450 million.