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HPH Trust Q3 net profit falls 37%
HUCHISON Port Holdings Trust (HPH Trust) reported a 37.1 per cent drop in net profit to HK$270.4 million (S$47.3 million) for the three months to September from HK$430 million a year ago.
Share of profits less losses after tax of associated companies was a loss of HK$24.3 million from a profit of HK$5.4 million a year ago, mainly reflecting the share of Huizhou International Container Terminals result following the completion of the acquisition by HPH Trust at the end of 2016.
Revenue for the third quarter slipped 1.3 per cent to HK$3.2 billion.
Combined container throughput of HIT, Cosco-HIT and ACT increased by 12.8 per cent compared to the same quarter in 2016, primarily due to higher transshipment cargoes and additional throughput from a new customer.
The port operator posted a lower earnings per unit at 3.10 HK cents versus 4.94 HK cents over the same period a year ago.
The counter fell one Singapore cent or 1.7 per cent to close at 59.5 Singapore cents on Monday.