Hutchison Whampoa’s ports and port services division, the world’s largest terminal operator, grew overall for full-year 2008 despite the sharp decline in global trade during the fourth quarter.
Ports revenue increased 4 percent to $5.1 billion, 14 percent of Hutchison Whampoa’s total revenue, and earnings before interest and taxes increased 3 percent to $1.7 billion.
Total throughput at the 49 ports operated by Hutchison Ports increased 2 percent to 67.6 million TEUs in 2008.
Container terminals in Barcelona and Rotterdam were key drivers of the gains. Terminal Catalunya in Barcelona accounted for 44 percent of the increase in overall port earnings. Europe Container Terminals in Rotterdam, Europe's biggest box port, contributed 21 percent toward the higher profit, trailing Hutchison's PCC terminal in Panama at 36 percent.
But the Hong Kong-based conglomerate said it expects 2009 to be a “more challenging year” as Hutchison Ports faces reduced global trade volumes, including in Hong Kong and other Asian ports where it has terminals.
Despite the slump in global trade the company intends to continue buying shipping terminals in good locations.
"We will keep looking for opportunities to buy terminals if they are in prime locations and the price is right," Hutchison Whampoa Chairman Li Ka-shing said.
The fastest-growing ports operated by Hutchison Ports in 2008 were the Panama Ports container terminal, where volumes increased 21 percent, Westports in Klang, Malaysia, up 16 percent, and International Ports Services in Saudi Arabia, up 16 percent.
Ports where volumes declined included Xiamen, down 17 percent, South Korea, down 5 percent, Yantian, down 3 percent, and Shanghai, down 2 percent.
Net profit at Whampoa, which has interests in hotels, property, energy, infrastructure and telecoms, fell 42 percent in 2008 from a year ago to $2.3 billion from $3.6 billion.
Ports revenue increased 4 percent to $5.1 billion, 14 percent of Hutchison Whampoa’s total revenue, and earnings before interest and taxes increased 3 percent to $1.7 billion.
Total throughput at the 49 ports operated by Hutchison Ports increased 2 percent to 67.6 million TEUs in 2008.
Container terminals in Barcelona and Rotterdam were key drivers of the gains. Terminal Catalunya in Barcelona accounted for 44 percent of the increase in overall port earnings. Europe Container Terminals in Rotterdam, Europe's biggest box port, contributed 21 percent toward the higher profit, trailing Hutchison's PCC terminal in Panama at 36 percent.
But the Hong Kong-based conglomerate said it expects 2009 to be a “more challenging year” as Hutchison Ports faces reduced global trade volumes, including in Hong Kong and other Asian ports where it has terminals.
Despite the slump in global trade the company intends to continue buying shipping terminals in good locations.
"We will keep looking for opportunities to buy terminals if they are in prime locations and the price is right," Hutchison Whampoa Chairman Li Ka-shing said.
The fastest-growing ports operated by Hutchison Ports in 2008 were the Panama Ports container terminal, where volumes increased 21 percent, Westports in Klang, Malaysia, up 16 percent, and International Ports Services in Saudi Arabia, up 16 percent.
Ports where volumes declined included Xiamen, down 17 percent, South Korea, down 5 percent, Yantian, down 3 percent, and Shanghai, down 2 percent.
Net profit at Whampoa, which has interests in hotels, property, energy, infrastructure and telecoms, fell 42 percent in 2008 from a year ago to $2.3 billion from $3.6 billion.