Hutchison Port Holdings Trust has reported a distribution per unit (DPU) of 5 HK cents (0.86 cents) for the 1HFY2024 ended June 30, lower than the DPU of 5.5 HK cents in the 1HFY2023.
Revenue and other income for the period increased by 2.6% y-o-y to HK$5.32 billion. Container throughput of Yantian International Container Terminals (YICT) increased by 11% y-o-y mainly due to the increase in the laden export, inbound empty and transshipment cargoes. This was offset by the lower container throughput of HIT, COSCO-HIT and ACT (collectively known as HPHT Kwai Tsing), which fell by 6.9% y-o-y mainly due to lower local and transshipment cargoes.
HIT refers to Terminals 4, 6, 7 and two berths in Terminal 9 at Kwai Tsing in Hong Kong while COSCO-HIT refers to Terminal 8 East at Kwai Tsing. ACT refers to Terminal 8 West, also at Kwai Tsing. YICT comprises Yantian International Container Terminals Phases I & II, Phase III & Phase III Expansion, and Shenzhen Yantian West Port Terminals Phases I & II.
Average revenue per twenty-foot equivalent unit (TEU) for Hong Kong and China fell y-o-y mainly due to lower storage income and the depreciation of the Chinese renminbi (RMB).
Other operating income fell 10% y-o-y to HK$41.1 million due to the lower dividend income from River Ports Economic Benefits and less government subsidies received by YICT in 2024.
Total operating profit rose by 16.7% y-o-y to HK$262.7 million due to lower expenses.
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Total profit attributable to unitholders of the trust – or earnings – grew by 66.6% y-o-y to HK$158.1 million.
Earnings per unit also rose by 66.6% y-o-y to 1.82 HK cents.
Unitholders will receive their DPUs on Sept 20.
Units in HPHT closed 0.1 US cent higher or 0.78% up at 12.9 US cents on July 23. HPHT SGD closed flat at 17.5 cents on the same day.
