Hutchinson Port Holdings Trust reports 7.2% gain in Q3 earnings

SINGAPORE - Hutchinson Port Holdings Trust (HPH Trust) reported on Friday a 7.2 per cent increase in third quarter earnings, thanks to improvements in tariffs and costs.

Net profit for the three months to Sept 30 was HK$525.9 million (S$94.52 million), while revenue and other income gained 2.3 per cent to HK$3.5 billion compared with the same period a year ago.

The trust said it still managed to out perform the market despite the weak market conditions, and it remains cautious on the volume outlook for the rest of the year owing to a "depressed European market".

Earnings per unit for the quarter came in at 6.04 Hong Kong cents, up from 5.63 Hong Kong cents a year earlier.

Net asset value per unit stood at HK$4.84 as at Sept 30, lower than the HK$5.09 as at Dec 31 last year.

rachaelb@sph.com.sg