HK$19b impairment hits Q4 bottom line of Hutchison Port trust

Singapore

IMPAIRMENT losses dragged Hutchison Port Holdings Trust (HPH Trust) into the red for the fourth quarter ended Dec 31, 2014, marking a net loss of HK$18.6 billion (S$3.2 billion) compared with a net profit of HK$334.8 million in the year ago period.

An impairment of HK$19 billion was incurred during the quarter against the goodwill allocated to a cash generating unit (CGU) in Hong Kong, which was adversely affected by the uncertainties in the global economy, continued challenges in the trading environment in Hong Kong and labour cost pressures.