HPH Trust's Q4 profit falls 27.7% to HK$386m on weaker revenue

HUTCHISON Port Holdings (HPH) Trust on Friday reported a 27.7 per cent fall in fourth-quarter net profit amid weaker revenue and the absence of a one-off gain.

Net profit for the three months ended Dec 31, 2016, stood at HK$386 million (S$70.7 million), down from HK$533 million a year ago.

Revenue slipped 2.5 per cent to HK$2.96 billion. The average revenue per twenty-foot equivalent unit (TEU) for Hong Kong was below last year mainly due to adverse throughput mix from liners. For China, the average revenue per TEU was below last year, mainly due to yuan depreciation.

Other operating income stood at HK$81 million for the period, down 60 per cent from HK$204 million a year ago.

The decrease was mainly linked to the end of River Ports Economic Benefits in Zhuhai International Container Terminals (Jiuzhou) in October 2015.