Hutchison Port Holdings Trust (HPHT) said on Friday that its profit attributable to unitholders for the third quarter fell 11.4 percent on-year to HK$239.5 million amid lower throughput.
Revenue for the quarter ended 30 September fell 6.1 percent on-year to HK$3.03 billion, it said in a filing to SGX on Friday.
The combined container throughput of HPHT Kwai Tsing fell 16.7 percent on-year in the third quarter, mainly on a decrease in transshipment cargoes, it said.
The container throughput of Yantian International Container Terminals (YICT), located at Yantian, Shenzhen, was similar to the year-ago period, mainly on a decrease in empty cargoes, offset by an increase in transshipment cargoes, it said.
In Hong Kong, average revenue per TEU was higher than the year-ago period on a retrospective adjustment for certain liners after tariff negotiations were finalized and on a decreased transshipment mix, HPHT said. For China, average revenue per TEU was lower on-year, mainly on a weaker Chinese yuan and an increased transshipment mix, the filing said.
While outbound cargoes to the U.S. grew 4 percent on-year in the third quarter, cargoes to the EU fell 3 percent on-year, it said.
For the nine-month period, HPHT said its profit attributable to unitholders fell 21.4 percent on-year to HK$554.9 million, while revenue fell 2.4 percent on-year to HK$8.48 billion.
Throughput of HPHT’s ports for the nine-month period was down 3 percent on-year, it said.
The trust issued a cautious outlook amid the U.S. trade war and tensions with both China and the EU.
“Whilst it is expected that the current trade disputes, especially that between the United States and China and the consequential measures arising out of it, will adversely impact the overall performance of HPH Trust, the severity and timing of the impact on HPH Trust’s business in the near term cannot be readily quantified except as these events unfold,” the trust said.
“The trustee-manager has adopted a more conservative outlook regarding expected cargo volume for the fourth quarter of 2018 and prospectively for 2019, particularly in light of the geopolitical headwinds and evolving trade policies, and will continue to adhere to strict financial discipline to safeguard the assets of HPH Trust,” it added.