HPH Trust in the black in Q4 on absence of one-time goodwill impairment

HUTCHISON Port Holdings Trust posted HK$533.3 million profit attributable to unitholders for the fourth quarter, a reversal from a reported loss of HK$18.61 billion for the corresponding period a year ago.

Earnings per unit attributable to unitholders of HPH Trust were 6.12 HK cents compared to a loss per unit of 213.64 HK cents.

Full-year profit attributable to unitholders was HK$1.74 billion, a turnaround from a HK$17.19 billion loss last year.

Revenue was HK$12.61 billion, down marginally from HK$12.62 billion.

EPS to unitholders were 20.03 HK cents for FY15, compared to a loss per unit of 197.36 HK cents for FY14.

The improved bottom line for FY15 is partly attributed to an absence of an one-off non-cash goodwill impairment loss of HK$19 billion in FY14 to resulting from the adverse impact from uncertainties in the global economy and demand on a cash-generating Hong Kong unit.

This is partly offset by higher other operating income of HK$322.1 million for FY14 compared to HK$232 million for FY15. The higher other operating income for FY14 was mainly due to a net gain of HK$243.8 million arising from the disposal of a 60 per cent effective interest in Asia Container Terminal in March 2014 under a strategic partnership with Cosco Pacific Limited and China Shipping Terminal Development (HK) Co Ltd.

Other operating income for FY15, however, was boosted by a HK$155.5 million gain from the cessation of River Ports Economic Benefits in Zhuhai International Container Terminals in October 2015.

Excluding the one-time disposal net gain, goodwill impairment and Jiuzhou economic benefits, full-year profit attributable to unitholders was HK$1.61 billion, up from HK$1.56 billion last year.

EPS to unitholders were 18.48 HK cents, up from 17.96 HK cents.

Distribution per unit was 34.4 HK cents for FY15, down from 41 HK cents for FY14.