Higher container throughput helped Hutchison Port Holdings (HPH) Trust match its net profit forecast for the quarter ended 31 December 2011 despite lower-than-expected revenue, Seatrade Asia online reports. The Singapore-list port trust's quarterly net profit came up to HK$608.2m ($78.4m), in line with its forecast of HK$592.9m. Revenue was recorded at HK3.1bn, marginally below expectations of HK$3.2bn.
Box volumes at HPH Trust's Kwai Tsing and Hong Kong terminals increased 10.6% as compared to the same quarter in 2010, and was 3.5% above the forecast for the quarter. “The reason for the increase as compared to the forecast was primarily because the peak season lasted longer than expected,” the trust stated.
Container throughput at Yantian port also rose 5.5% as compared to the same quarter of 2010, but was 9.4% below the quarterly forecast. HPH Trust attributed the lower-than-expected volumes to weaker trades particularly in Europe and US.
For the full year period starting on constitution date 25 February, the trust posted net profit of HK$1.97bn, 4.8% higher than projections of HK$1.88bn.
In distribution per unit (DPU), the trust announced 23.4 HK cents for the July-December period, and full year DPU was 37.7 HK cents, slightly above the 37.4 HK cents projected in its IPO prospectus.
HPH Trust ceo Hai Chi-Yuet believed that China will continue to be the key engine of global economic growth this year, with the Pearl River Delta region remaining a main cargo source.
“Economies of the emerging markets are experiencing growth, the Far East, the Middle-East, Africa, Central and South America and Oceania are amongst the most dynamic trade routes. International transhipment along the intra-Asia trade are expected to continue to grow,” she said.
Box volumes at HPH Trust's Kwai Tsing and Hong Kong terminals increased 10.6% as compared to the same quarter in 2010, and was 3.5% above the forecast for the quarter. “The reason for the increase as compared to the forecast was primarily because the peak season lasted longer than expected,” the trust stated.
Container throughput at Yantian port also rose 5.5% as compared to the same quarter of 2010, but was 9.4% below the quarterly forecast. HPH Trust attributed the lower-than-expected volumes to weaker trades particularly in Europe and US.
For the full year period starting on constitution date 25 February, the trust posted net profit of HK$1.97bn, 4.8% higher than projections of HK$1.88bn.
In distribution per unit (DPU), the trust announced 23.4 HK cents for the July-December period, and full year DPU was 37.7 HK cents, slightly above the 37.4 HK cents projected in its IPO prospectus.
HPH Trust ceo Hai Chi-Yuet believed that China will continue to be the key engine of global economic growth this year, with the Pearl River Delta region remaining a main cargo source.
“Economies of the emerging markets are experiencing growth, the Far East, the Middle-East, Africa, Central and South America and Oceania are amongst the most dynamic trade routes. International transhipment along the intra-Asia trade are expected to continue to grow,” she said.