HPH Trust posts lower profit, leading to 22% drop in distribution per unit

Hutchison Port Holdings Trust (HPH Trust) has posted a 25.9 per cent drop in net profit to HK$420.5 million (S$68.8 million) for the second quarter.

Revenue for the three months to June 30 slipped by 2.6 per cent to HK$3.03 billion.

On a half year basis, net profit dropped by 21.3 per cent to HK$800.8 million on the back of a 0.9 per cent decrease in revenue to HK$5.9 billion.

Distribution per unit for the half year fell to 18.7 HK cents from 24.05 HK cents previously.

Payout is scheduled for Sept 19.

The trust experienced a fall in container throughput in the latest quarter.

However, the average revenue per box for Hong Kong was higher than last year because of the favourable throughput mix of containers from liners, whereas that for China was about the same as last year due to less concessions granted to some liners but which was offset by output value-added tax as a result of Shenzhen's tax reform with effect from Nov 1, 2012.