HONG KONG's Hutchison Port Holdings Trust, the Singapore-listed global port operator, posted a seven per cent year-on-year second quarter net profit increase to HK$86.1 million (US$11.1 million) drawn on revenues of HK$6.07 billion, up one per cent.
HPH Holdings Trust continues to increase its market share and achieved strong second quarter results as management focused on tariffs and cost savings, said a company statement.
"Management remains cautious on the volume outlook for the remainder of the year given the depressed EU market and will continue to focus on improvements to tariffs and costs," the statement said.
First half throughput of HPH Trust's deep-water ports was two per cent above last year. Shenzhen's Yantian International Container Terminal (YICT) throughput grew by seven per cent year on year. Combined throughput of Hongkong International Terminals (HIT), Cosco-HIT and Asia Container Terminals (ACT) dropped two per cent year on year.
"Outbound cargo to the US showed an upward trend while the decline in EU has been more severe than originally anticipated," said the HPH statement.
"Throughput growth of YICT was mainly driven by the US, transshipment and empties, but offset by EU decline. HIT's throughput drop was mainly due to weaker vessel-to-vessel transshipment cargoes," it said.
"Despite weak market outlook, overall first half results of HPH Trust improved from its first quarter. Management remains cautious on the volume outlook for the second half of the year given the depressed EU market, but will continue to focus on tariff and costs," the HPH statement said.
"In the second quarter the US economy resumed growth after a weak first quarter and further growth is anticipated in the second half of the year. The first half improvement in outbound cargoes to the US is expected to continue for the remainder of the year.
"Europe's economic difficulties depressed outbound cargoes in the first half of the year and volumes are expected to remain weak in the second half as Europe struggles to resume economic growth," the statement said.
WORLD SHIPPING
23 July 2015 - 17:21
Hutchison quarterly profit up 7pc to US$11.1 million, revenue rises 1pc
HONG KONG's Hutchison Port Holdings Trust, the Singapore-listed global port operator, posted a seven per cent year-on-year second quarter net profit increase to HK$86.1 million (US$11.1 million) drawn on revenues of HK$6.07 billion, up one per cent.
WORLD SHIPPING
23 July 2015 - 17:21
Hutchison quarterly profit up 7pc to US$11.1 million, revenue rises 1pc
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