Hutchison Port Holdings Trust's net profit down 27%

SINGAPORE -Hutchison Port Holdings Trust (HPHT) posted an 26.5 per cent drop in net profit to HK$210.1 million (S$36.74 million) for the first quarter, after normalisation, on Monday (April 18).

Without normalisation, net profit was up 94.2 per cent to HK$554.9 million, compared with the same period a year ago.

Revenue for the three months to March 31 was down 6.7 per cent to HK$2.75 billion from the same period a year earlier.

The trust said outbound cargoes to the United States and the European Union increased in the first quarter of 2016, but the trust's throughput was mainly owing to weaker intra-Asia and transshipment cargoes.

Quarterly earnings per unit fell to 2.41 HK cents, down from 3.28 HK cents in the same period last year, after normalisation.

Net asset value per unit was HK$4.76 as at Sept 30, down from HK$4.89 as at Dec 31.

rachaelb@sph.com.sg