SINGAPORE-listed global port operator, HPH Trust, has posted a first half year-on-year 16 per cent increase in net profit of HK$927.3 million (US$119.6 million), drawn on revenues of HK$6 billion, up two per cent.
SINGAPORE-listed global port operator, HPH Trust, has posted a first half year-on-year 16 per cent increase in net profit of HK$927.3 million (US$119.6 million), drawn on revenues of HK$6 billion, up two per cent.
The company said that cargo to US and EU from HPH Trust terminals showed upward trends, Throughput at its Yantian International Container Terminal (YICT) in Shenzhen grew five per cent and was mainly driven by transshipments and US cargoes.
The company's Hongkong International Terminals (HIT) throughput grew seven per cent and was mainly due to higher transshipment volume, but offset by weaker intra-Asia cargoes, said the company.
First half throughput of HPH Trust's deep-water ports was six per cent above last year's.
Combined throughput of HIT, Cosco-HIT and Asia Container Terminals (ACT) grew seven per cent year on year mainly due to the acquisition of ACT in March 2013 and the throughput growth of HIT by four per cent.
(Hong Kong) through their investment of 40 per cent and 20 per cent respectively, in ACT," said the statement.
"Subsequent to the transaction, ACT has changed from being a wholly-owned subsidiary to a joint venture with 40 per cent effective interest of HPH Trust," said the statement.
The company's outlook was hopeful. "Growth in the US and Europe is a major factor in determining the total volume of containers handled by HPH Trust. Consensus outlook for both is favourable in 2014," said the statement.
US gross domestic product contracted by 2.9 per cent in the first quarter of 2014 owing to harsh winter weather, said HPH Trust.
"Despite this, the growth already appears to have rebounded strongly in the second quarter of 2014. Manufacturing activities gained more momentum in June 2014 and number of new orders hit its highest level in more than four years," it said.
"Consumer sentiment rose in June as consumers remained optimistic about the economic outlook and unemployment rate fell to near a six-year low of 6.1 per cent in June,' said the statement.
"The Eurozone economy continues to grow but at a slower rate. The economic recovery is expected to continue at a moderate pace in the coming months, driven by domestic demand," it said.
"Both outbound cargoes to the US and EU have displayed upward trends. Cargo volume for transshipment and the niche trade routes of Far East, Africa, Central and South America and Oceania is expected to increase considerably," said HPH Trust.
"China's economy shows signs of stabilisation after the government's implementation of stimulus measures such as reserve requirement cuts for some banks to support growth.
"Manufacturing activities regained their strengths with HSBC China Manufacturing Purchasing Managers' Index rising to 50.7 in June 2014 F the first time above the growth indication level of 50 since December 2013," said the statement.
The company said that cargo to US and EU from HPH Trust terminals showed upward trends, Throughput at its Yantian International Container Terminal (YICT) in Shenzhen grew five per cent and was mainly driven by transshipments and US cargoes.
The company's Hongkong International Terminals (HIT) throughput grew seven per cent and was mainly due to higher transshipment volume, but offset by weaker intra-Asia cargoes, said the company.
First half throughput of HPH Trust's deep-water ports was six per cent above last year's.
Combined throughput of HIT, Cosco-HIT and Asia Container Terminals (ACT) grew seven per cent year on year mainly due to the acquisition of ACT in March 2013 and the throughput growth of HIT by four per cent.
(Hong Kong) through their investment of 40 per cent and 20 per cent respectively, in ACT," said the statement.
"Subsequent to the transaction, ACT has changed from being a wholly-owned subsidiary to a joint venture with 40 per cent effective interest of HPH Trust," said the statement.
The company's outlook was hopeful. "Growth in the US and Europe is a major factor in determining the total volume of containers handled by HPH Trust. Consensus outlook for both is favourable in 2014," said the statement.
US gross domestic product contracted by 2.9 per cent in the first quarter of 2014 owing to harsh winter weather, said HPH Trust.
"Despite this, the growth already appears to have rebounded strongly in the second quarter of 2014. Manufacturing activities gained more momentum in June 2014 and number of new orders hit its highest level in more than four years," it said.
"Consumer sentiment rose in June as consumers remained optimistic about the economic outlook and unemployment rate fell to near a six-year low of 6.1 per cent in June,' said the statement.
"The Eurozone economy continues to grow but at a slower rate. The economic recovery is expected to continue at a moderate pace in the coming months, driven by domestic demand," it said.
"Both outbound cargoes to the US and EU have displayed upward trends. Cargo volume for transshipment and the niche trade routes of Far East, Africa, Central and South America and Oceania is expected to increase considerably," said HPH Trust.
"China's economy shows signs of stabilisation after the government's implementation of stimulus measures such as reserve requirement cuts for some banks to support growth.
"Manufacturing activities regained their strengths with HSBC China Manufacturing Purchasing Managers' Index rising to 50.7 in June 2014 F the first time above the growth indication level of 50 since December 2013," said the statement.
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