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Drop in HPH earnings

Wednesday, November 01, 2017

Although its combined container throughput increased in the third quarter of 2017, Singapore-listed container port business trust Hutchison Port Holdings Trust (HPH) saw a drop in its earnings for the period.

The company's profit for the three months ended September 30 was down by 16.4 per cent and stood at $HK678.5 million ($F180.69m) at the end of the period, compared with $HK812m ($F216m) reported in the third quarter of 2016.

Revenue and other income for the quarter decreased by 1.3 per cent to $HK3.22 billion ($F0.85b), from $HK3.26b ($F0.86b) seen a year earlier.

Combined container throughput of Hongkong International Terminals Ltd, COSCO-HIT Terminals and Asia Container Terminals Ltd (collectively HPHT Kwai Tsing) increased by 12.8 per cent as compared with the same quarter in 2016, primarily because of higher transshipment cargoes and additional throughput from a new customer.

The container throughput of Yantian International Container Terminals increased by 13.8 per cent compared with the same quarter in 2016, mainly because of growth in the US, Europe, empty and transshipment cargoes.

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