Hong Kong's Hutchison Whampoa, which operates in five of the six busiest container ports in the world, reported first half revenues up 25 per cent to HK176.2 billion (US$22.5 billion), while profit fell 63 per cent to HK$10.6 billion.
But the profit loss was the result of last year's usually high earnings, which came about through the group's sale of various investments for HK$34.9 billion, as well as the disposal of an interest in Canada's Husky Energy for HK$3.1 billion, and the sell off of Indonesian telecom assets for HK$732 million.
Take that away and "profit improved 199 per cent," said a company statement.
Ports and related services grew steadily for the company with interests in 47 ports with 292 berths in 24 countries, whose throughput rose 4 per cent in the first half to 32.8 million TEU, producing 10 per cent more revenue to hit HK$19.5 billion.
Major port contributors were Westports in Klang, Malaysia, up 17 per cent; Kwai Tsing terminals in Hong Kong, up five per cent; Jakarta, up 14 per cent; Rotterdam's Europe Container Terminals up 5 per cent and Panama ports container terminals up 12 per cent.
Throughput growth was partially offset by 5 per cent lower volume at Yantian in Shenzhen, which has been the operation most affected by declining imports in the United States.
Expansion continued with the enhancement of facilities in Yantian, Gaolan in Zhuhai, Rotterdam in the Netherlands, Laemchabang in Thailand, the Bahamas, Lazaro Cardenas in Mexico and in Panama.
Construction of the expanded facilities in Laemchabang and Lazaro Cardenas, and new facilities in Ecuador and Vietnam are progressing satisfactorily," said a company statement.
Earlier this month, a Hutchison-led consortium had been named the preferred bidder by the Board of Thessaloniki Ports Authority in Greece for the development of new container facilities there, the country's second largest container port.
"A bid of EUR419 million (US$619 million) was made representing the calculated present value of the guaranteed portion of the annual fees payable tothe Ports Authority over the entire 30-year concession period," said a company statement.
The board recommended an interim dividend of HK$0.51 per share (30 June 2007 - HK$0.51 per share), payable October 3.
But the profit loss was the result of last year's usually high earnings, which came about through the group's sale of various investments for HK$34.9 billion, as well as the disposal of an interest in Canada's Husky Energy for HK$3.1 billion, and the sell off of Indonesian telecom assets for HK$732 million.
Take that away and "profit improved 199 per cent," said a company statement.
Ports and related services grew steadily for the company with interests in 47 ports with 292 berths in 24 countries, whose throughput rose 4 per cent in the first half to 32.8 million TEU, producing 10 per cent more revenue to hit HK$19.5 billion.
Major port contributors were Westports in Klang, Malaysia, up 17 per cent; Kwai Tsing terminals in Hong Kong, up five per cent; Jakarta, up 14 per cent; Rotterdam's Europe Container Terminals up 5 per cent and Panama ports container terminals up 12 per cent.
Throughput growth was partially offset by 5 per cent lower volume at Yantian in Shenzhen, which has been the operation most affected by declining imports in the United States.
Expansion continued with the enhancement of facilities in Yantian, Gaolan in Zhuhai, Rotterdam in the Netherlands, Laemchabang in Thailand, the Bahamas, Lazaro Cardenas in Mexico and in Panama.
Construction of the expanded facilities in Laemchabang and Lazaro Cardenas, and new facilities in Ecuador and Vietnam are progressing satisfactorily," said a company statement.
Earlier this month, a Hutchison-led consortium had been named the preferred bidder by the Board of Thessaloniki Ports Authority in Greece for the development of new container facilities there, the country's second largest container port.
"A bid of EUR419 million (US$619 million) was made representing the calculated present value of the guaranteed portion of the annual fees payable tothe Ports Authority over the entire 30-year concession period," said a company statement.
The board recommended an interim dividend of HK$0.51 per share (30 June 2007 - HK$0.51 per share), payable October 3.