Hutchison Port Trust profit off 25.9pc to US$54.8 million, sales off 2.6pc
SINGAPORE-LISTED Hutchison Port Holdings (HPH) Trust has posted a year-on-year second quarter net profit decline of 25.9 per cent to HK$420.5 million (US$54. 8 million), drawn on revenues of HK$3.03 billion, down 2.6 per cent.
The company, owned by Hong Kong conglomerate Hutchison Whampoa, attributed the decline to lower export volumes from the United States and Europe, higher staffing costs and increased expenses from an acquisition. The 40-day dock strike at its Hongkong International Terminal (HIT) in April and May also had an impact.
Container throughput at its Hong Kong terminals fell 20.1 per cent for the three months ending in June because of weaker transshipments with the US and EU, while volume at its Shenzhen terminals fell 1.3 per cent, mostly because of the drop in EU cargo.
Operating expenses rose 14.4 per cent to HK$469.2 million, because of the performance fee and acquisition-related costs for the purchase of Asia Container Terminals in Kwai Tsing, Hong Kong.
"The volume of containers handled by HPH Trust is influenced by the performance and growth of international and regional economies, in particular Europe and North America," HPH said.
The company also expects to see a greater contribution from emerging countries, which are driving global growth with their increase in economic heft, said the company statement.
"Transshipment, along with trade routes such as Far East, Africa, Central and South America and Oceania, are expected to outperform those of the US and Europe," it said.
SINGAPORE-LISTED Hutchison Port Holdings (HPH) Trust has posted a year-on-year second quarter net profit decline of 25.9 per cent to HK$420.5 million (US$54. 8 million), drawn on revenues of HK$3.03 billion, down 2.6 per cent.
The company, owned by Hong Kong conglomerate Hutchison Whampoa, attributed the decline to lower export volumes from the United States and Europe, higher staffing costs and increased expenses from an acquisition. The 40-day dock strike at its Hongkong International Terminal (HIT) in April and May also had an impact.
Container throughput at its Hong Kong terminals fell 20.1 per cent for the three months ending in June because of weaker transshipments with the US and EU, while volume at its Shenzhen terminals fell 1.3 per cent, mostly because of the drop in EU cargo.
Operating expenses rose 14.4 per cent to HK$469.2 million, because of the performance fee and acquisition-related costs for the purchase of Asia Container Terminals in Kwai Tsing, Hong Kong.
"The volume of containers handled by HPH Trust is influenced by the performance and growth of international and regional economies, in particular Europe and North America," HPH said.
The company also expects to see a greater contribution from emerging countries, which are driving global growth with their increase in economic heft, said the company statement.
"Transshipment, along with trade routes such as Far East, Africa, Central and South America and Oceania, are expected to outperform those of the US and Europe," it said.