Govt refund for HK terminal props up HPH Trust's Q1 earnings

Singapore

RAISING port tariffs does not seem to have helped Hutchison Port Holdings Trust (HPHT) lift revenue as much as it might have planned. Weaker intra-Asia and transshipment cargoes put a dent in the trust's topline for its first quarter and its net profit was propped up by a sizeable government refund, its results released on Monday show.

Net profit for the three months ended March 31 jumped 94.2 per cent from the previous year to HK$554.9 million (S$97 million), the trust said in a Singapore Exchange filing after the market closed.