Huthchison Port Holdings (HPH) Trust, which last year launched the largest-ever initial public offering in Singapore, recorded net profit of US$78.43 million for the three months to December 31, three percent higher than the forecast in its listing prospectus, reported Straits Times.
The port operator's facilities in Kwai Tsing, Hong Kong, handled more containers than expected but this was partly offset by lower-than-expected volumes at its terminals in Yantian in China's Shenzhen province.
Revenue for the quarter was $398.46 million, four percent lower than forecast.
HPH Trust holds the ports in Hong Kong and southern China of its parent, Hong Kong-listed conglomerate Hutchison Whampoa.
The business trust raised a Singapore record of $5.5 billion for its listing last March, beating SingTel's 1993 IPO, which raised about $4 billion.
HPH Trust's trustee-manager said yesterday that volumes at its ports grew last year. It also marginally increased its market share in Hong Kong and Shenzhen.
For the period from its March listing to Dec 31, HPH Trust reported net profit of $254.04v million, five percent higher than forecast. Revenue was five per cent lower than expected, at $1.26 billion.
"The outlook for this year is challenging but we also see possibilities,'' said Hai Chi-Yuet, chief executive of HPH Trust's trustee-manager, in a conference call. She noted the prospects for economic recovery in the developed nations remain uncertain, but shipping and international trade could get a boost from emerging markets, which are "still experiencing growth''.
Hai also noted that container carriers are deploying larger, more efficient ships and entering into more vessel-sharing agreements. This will concentrate traffic in larger ports able to handle such vessels, and is "good for the trust's ports'', which fit this category.
Since its listing, it has mostly traded below its $1.01 IPO price but the trustee-manager's chief financial officer Ivor Chow said the management aims to deliver distributions and meet its forecasts.
The port operator's facilities in Kwai Tsing, Hong Kong, handled more containers than expected but this was partly offset by lower-than-expected volumes at its terminals in Yantian in China's Shenzhen province.
Revenue for the quarter was $398.46 million, four percent lower than forecast.
HPH Trust holds the ports in Hong Kong and southern China of its parent, Hong Kong-listed conglomerate Hutchison Whampoa.
The business trust raised a Singapore record of $5.5 billion for its listing last March, beating SingTel's 1993 IPO, which raised about $4 billion.
HPH Trust's trustee-manager said yesterday that volumes at its ports grew last year. It also marginally increased its market share in Hong Kong and Shenzhen.
For the period from its March listing to Dec 31, HPH Trust reported net profit of $254.04v million, five percent higher than forecast. Revenue was five per cent lower than expected, at $1.26 billion.
"The outlook for this year is challenging but we also see possibilities,'' said Hai Chi-Yuet, chief executive of HPH Trust's trustee-manager, in a conference call. She noted the prospects for economic recovery in the developed nations remain uncertain, but shipping and international trade could get a boost from emerging markets, which are "still experiencing growth''.
Hai also noted that container carriers are deploying larger, more efficient ships and entering into more vessel-sharing agreements. This will concentrate traffic in larger ports able to handle such vessels, and is "good for the trust's ports'', which fit this category.
Since its listing, it has mostly traded below its $1.01 IPO price but the trustee-manager's chief financial officer Ivor Chow said the management aims to deliver distributions and meet its forecasts.