Luka Koper sales slide 8% in 2020, net profit down 21%

Koper – Port operator Luka Koper reported sales dropping by 8% year-on-year to EUR 210 million as shipping volumes contracted across the board. Net profit declined by 21% to EUR 32 million but it was still a percent higher than planned.

Profit before income tax (EBIT) plunged by 26% to EUR 33.5 million and profit before income tax, depreciation and amortisation was at EUR 61.8 million, down 15% on the year before and 2% lower than planned, shows the earnings release published on Friday.

The company says it has operated normally throughout the epidemic, which is why cargo volumes have not declined by as much as in some other ports. “We can be satisfied with the results in these conditions,” CEO Dimitrij Zadel was quoted as saying.

Overall cargo volumes declined by 14% to 19.5 million tonnes, with the decline ranging from 26% for general cargoes to just 2% for the most important category, containers. Unit-wise, container shipments declined by just 1.5% to slightly over 945,000 TEU.

The company continued to build out capacity in anticipation of a return to growth, having spent over EUR 68 million on investments last year.

The biggest projects were an extension of the container pier, a new Ro-Ro berth for cars, and construction of a parking garage.