Hutchison Port Holdings Trust raises H2 DPU to HK$0.08
HUTCHISON Port Holdings Trust (HPH Trust) NS8U posted a distribution per unit (DPU) of 8 Hong Kong cents for its second half ended Dec 31, 2021, up 3.9 per cent from 7.7 cents a year ago.
This brings its DPU for the full year to 14.5 cents, from 12 cents in the year-ago period, HPH Trust said in a bourse filing on Wednesday (Feb 9).
For the full year, HPH Trust posted a profit of HK$1.75 billion (S$301.7 million), a 110.1 per cent increase from the HK$831.4 million posted in FY2020.
This was driven by higher storage income and lower interest expenses at some of its terminals.
Its revenue and other income for FY2021 was up 24 per cent to HK$13.24 billion, from HK$10.7 billion a year ago.
HPH Trust said full-year throughput of its ports was 4 per cent higher than the previous year.
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Throughput from Yantian International Container Terminals was up 6 per cent, largely due to an increase in outbound cargoes to the US and Europe as well as empty cargoes.
Meanwhile, the combined throughput of HPHT Kwai Tsing - which comprises Hongkong International Terminals (HIT), Asia Container Terminals (ACT) and Cosco-HIT - was comparable, although marginally lower.
Additionally, HPH Trust also recorded a 116.3 per cent on-year increase in its other operating income to HK$417.9 million for FY2021, which it attributed to higher government subsidies.
Distributable income for the half year was up at HK$696.9 million, from HK$670.8 million a year ago.
As for FY2021, the total distribution for the year was HK$1.26 billion, from HK$1.05 billion a year ago.
The distribution will be paid out on Mar 25, after books closure on Feb 17.
HPH Trust noted that 2021 was "a challenging but rewarding year", as it posted improved financial results amid increased volume and cost control.
For 2022, it expects the shortage of empty containers may exert future pressure on the global supply chain as manufacturing in China picks up after Chinese New Year. Supply chain disruptions and global port congestions will also likely linger for an extended period of 2022, HPH Trust added.
Units of HPH Trust closed at US$0.26 on Wednesday, up US$0.025 or 10.6 per cent.
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