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HPH Trust profit falls 47pc as revenue slips 3pc in 2017

HONG KONG's Hutchison Port Holdings Trust's (HPH Trust) net profit declined 47 per cent year on year to HK$706.4 million (US$90.5 million) in the first nine months of 2017, drawn on revenues of HK$8.69 billion, which fell three per cent.

Year-to-date throughput of HPH Trust’s deep-water ports was eight per cent above last year's, said the Hong Kong-based but Singapore-listed company.

Shenzhen's Yantian International Container Terminal's (YICT) throughput was eight per cent up on last year, the company said.

Combined throughput of Hongkong International Terminal (HIT), Cosco-HIT and Asia Container Terminals (ACT) - now known as HPHT Kwai Tsing - increased seven per cent year on year.

Outbound cargo to the US and Europe maintained growth momentum in the third quarter. YICT throughput gains in the first nine months were attributed to US and European growth as well greater movement of empties and transshipment boxes.

The increase in HPHT Kwai Tsing’s throughput was largely due to stronger transshipment cargoes and additional throughput from a new customer.

The roll-out of the co-management arrangement signed in December 2016 is progressing well and enabled more efficient use of the facilities and manpower resources, said Hutchison.

Under the co-management deal, one team runs day-to-day operations of the combined terminals. Revenue and expenses are allocated among the parties according to the capacity each of their holdings.

This allowed HPH Trust to better manage the effect from the changing dynamics of the global shipping industry. HPH Trust is confident to deliver cost and operational synergies in 2017, said the company statement.

Source: Schednet

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