HPH Trust reports 8.5% rise in Q2 profit

HUTCHISON Port Holdings Trust (HPH Trust) reported a 8.5 per cent rise year on year in net profit to HK$399.9 million (S$70.4 million) for the second quarter ended June 30.

The bottom line was bolstered by higher revenue and lower operating costs.

Revenue and other income climbed 2.1 per cent to HK$3.13 billion, while earnings per unit clocked 4.59 HK cents, up from 4.23 HK cents a year ago.

Operating costs came to HK$2.12 billion, down from around HK$2.19 billion previously.

For the six months ended June 30, net profit fell 26.1 per cent to HK$685.7 million, while revenue was nearly flat, edging up 1.1 per cent to HK$6.08 billion.

"HPH Trust's second quarter results were encouraging but given the depressed EU market, management remains cautious on the volume outlook for the remainder of the year and will continue to focus on improvements to tariffs and costs," it said.

HPHT has recommended a dividend of 15.7 HK cents per unit for the first six months ended June 30.