SINGAPORE (Oct 30): Hutchison Port Holdings Trust (HPHT) announced that 3Q17 earnings per share fell 37.1% to 3.1 HK cents (1 cent) compared to 4.94 HK cents the previous year.
HPH Trust makes distribution to unitholders on a semi-annual basis, with the amount calculated as at June 30 and Dec 31 each year for the six-month period ending on each of the said dates.
The port operator reported 3Q17 earnings of HK$ 270.4 million, a 37.1% decrease from HK$ 430.2 million in 3Q16.
Revenue and other income for the nine months ended September closed 1.3% lower at HK$ 3.2 billion compared to HK$ 3.3 billion last year.
But interest and other finance costs widened 36.6% to HK$ 238.3 million from HK$ 174.5 million, primarily due to higher HIBOR/ LIBOR applied on the bank loans’ interest rates.
Meanwhile, share of profits less losses after tax of associated companies swung to a loss of HK$ 24.3 million from a profit of HK5.4 million.
The manager of HPH Trust says combined container throughput of HPHT Kwai Tsing increased 6.6% as compared to the same period in 2016, primarily due to higher transhipment cargoes and additional throughput from a new customer.
The container throughput of YICT increased by 7.9% y-o-y, primarily driven by growth in the US, Europe, empty and transhipment cargoes.
However, average revenue per TEU for Hong Kong and China were below last year mainly due to greater volume of concessions offered to certain liners as well as certain revision on tariffs following the mergers and acquisitions of some liners.
As at Sept 30, the trust’s net cash and cash equivalents stood at HK$ 6.69 million.
Looking forward, the trust’s manager is confident that it is well-equipped to respond to external developments and challenges, given its strong fundamentals.
Units in HPHT closed at 44 US cents on Monday.
