Hutchison Port Holdings reported 69.9% yoy profit decrease in Q1 2017

Hutchison Port HoldingsThe Hong Kong-based port operator Hutchison Port Holdings Trust reported 69.9% yoy profit decrease in Q1 2017, amounting to 24.4 million USD. The finance statement of the port operator is mainly due to absence of a government rent and rates refund, which were previously received and boosted the finance statement during the same period last year. However, excluding the one-off rent and rates refund, the net profit decreased by 15.7% yoy. The revenues of Hutchison Port Holdings Trust decreased by 6.3% yoy during the first quarter of 2017 to 331.6 million USD, as the throughput at some of its key terminals was hit by a decrease in transshipment cargoes.

The outbound throughput of the company’s terminals to USA continue to grow during the reported period, driven by the moderate expansion in economic activity. However, there is high level of uncertainty over the domestic and global trade.

Hutchison Port Holdings Trust owns interests in world class deep-water container port assets located in two of the world’s busiest container port cities by throughput – Kwai Tsing, Hong Kong and Shenzhen, as well as certain port ancillary services and the economic benefits of river ports complementary to the deep-water container ports.