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            november 13, 2019

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LKW Walter

CIBE 2019

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HPH Trust net profit falls 33pc, sales up 029pc


Singapore listed HPH Trust, Hong Kong's Hutchison organisation's port operating arm, suffered a first quarter net profit plunge of 33 per cent year on year to HK$48.5 million (US$6.1 million), drawn on revenues of HK$2.67 billion, which increased .029 per cent, according to Shipping Gazette.
Outbound cargoes to the US were weak, largely resulting from the front-loading of cargoes in the fourth quarter of 2018 in anticipation of the tariff increase by the US on Chinese exports originally scheduled to commence on 1 January 2019," said the HPH Trust statement accompanying the results.
"The volume of outbound cargoes to the US is expected to be volatile in 2019 as the US/China trade dispute continues," said the statement.
Although the threatened tariff increase has been postponed and both the US and China are in negotiation to resolve their trade dispute, HPH Trust management said it remains cautious on the expected cargo volume for 2019 as the global trade is still susceptible to the macro-economic and political uncertainties.
"These include the slowing Chinese and EU economies and the yet-to-be-resolved Brexit from the EU. Management will continue to focus on cost discipline and efficiency improvements to better serve its customers, said the statement.
"It is expected that the effects from the consolidation through mergers and acquisitions and global alliance restructuring in the shipping industry will start to stabilise.
"Further deployment of mega vessels will continue necessitating investment in port equipment and continuous processes improvements by deep water port operators
"Since the formation of the Hong Kong Seaport Alliance ("HKSPA") in January 2019, HKSPA has finalised its berth and yard planning strategies to provide enhanced services to customers. The Joint Operating Agreement of HKSPA has been progressively implemented from April, bringing efficiency enhancements and cost synergy to shipping lines," said the company statement.

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