Hutchison Port Holdings Trust reported its first quarter 2013 profit fell to HK$642.0 million (approximately US$82.7 million), down 6.5 percent from HK$686.7 million in the same period a year ago.
Revenue and other income rose slightly year-over-year, up 1.1 percent to HK$2,866.5 million. Operating expenses climbed 3.8 percent, to HK$2,027.0 million.
First quarter container throughput at Hongkong International Terminals was down 7.4 percent year-over-year, chiefly because of weak transshipments and European Union cargoes. Yantian International Container Terminals’ throughput grew 6.3 percent year-over-year, however, as it benefitted from growth in transshipments, empties, and non-EU and U.S. cargoes. Overall, the average revenue per TEU for Hong Kong was unchanged, the trust said, but revenue in China was hit by an output value-added tax imposed beginning Nov. 1, 2012.
HPHT’s trustee-manager does not believe the disruption to HIT's terminal operations on account of the strike in Hong Kong has had a material adverse impact on the trust’s performance. Moreover, the trust indicated that operations are gradually returning to normal, although the dispute remains unresolved.
HPH Trust is affiliated with Hutchison Port Holdings; its portfolio consists of controlling interests in container port assets located in Hong Kong and Shenzhen.