HPH Trust Q3 profit falls 9% to HK$490.7m

Singapore

HUTCHISON Port Holdings Trust (HPH Trust) reported a 9 per cent drop in its third-quarter net profit on Monday to HK$490.7 million (S$80.7 million), from the HK$539.2 million it earned during the corresponding quarter last year.

This was despite the port operator seeing its revenue for the three months ended Sept 30 rising 1.7 per cent to HK$3.42 billion, compared to HK$3.36 billion last year. Earnings per unit for the quarter were 5.63 HK cents, down from the 6.19 HK cents last year.

The container throughput for the group's Hong Kong International Terminals increased by 2.1 per cent as compared to last year primarily due to higher transhipment volume but was offset by weaker intra-Asia cargoes. Growth of transhipment and US cargoes also led to the container throughput of its Shenzhen-based Yantian International Container Terminals increasing by 12.4 per ce…