Hutchison Port Holdings Trust (HPH Trust) reported distribution per unit (DPU) of 6.50 HK cents (1.14 cents) for the 1HFY2021 ended June, 2.2% higher than DPU of 4.30 HK cents in the 1HFY2020.
Distributable amount for the 1HFY2021 stood 51.1% higher y-o-y at HK$566.2 million.
HPH Trust, for the 1HFY2021 saw profit attributable to unitholders surge over three times to HK$768.3 million from the HK$212.4 million reported in the 1HFY2020.
Revenue for the 1HFY2020 stood 25.4% higher at HK$5.99 billion, from revenue of HK$4.78 billion in the 1HFY2020.
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The higher topline was due to a 4.2% increase in combined container throughput of HIT, COSCO-HIT and ACT (collectively HPHT Kwai Tsing) due to higher transhipment cargoes.
Container throughput of YICT increased by 21.3% y-o-y due to the increase in the US, EU, empty and transhipment cargoes.
Average revenue per TEU for Hong Kong grew y-o-y due to higher storage income.
Average revenue per TEU for China improved, too, due to the higher storage income and appreciation of the Chinese yuan.
Other operating income stood nearly five times higher at HK$390.7 million from HK$64.8 million last year. This was largely due to the timing difference in dividend income from River Ports Economic Benefits and higher government subsidies by YICT.
This was partly offset by the wages subsidy received from the Hong Kong Employment Support Scheme in 2020.
Total operating profit for the 1HFY2021 stood 87.0% higher y-o-y at HK$2.56 billion.
The group saw share of loss of associated companies of HK$45.9 million, representing a 6.3% decline y-o-y due to HICT’s weaker performance during the period.
Share of profits of joint ventures improved by 85.9% y-o-y to HK$39.4 million due to better combined results of COSCO-HIT and ACT driven by higher storage income and lower interest expenses.
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Looking ahead, the Trust says the continued economic growth in the US and Europe may underpin demand for the 2HFY2021, while the speed at which supply chain disruptions can be resolved may prove to be uncertain for the business.
Units in HPH Trust closed 0.5 cent higher or 1.6% up at 31 cents on July 26.
Photo: HPH Trust
