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            november 19, 2019

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HPH Trust 2012 profit up 16pc


Hong Kong's global terminal operator HPH Trust, the second biggest in the world after Singapore's PSA International, posted a 16 per cent year on year net profit increase in 2012 to HK$2.28 billion (US$293.95 million) drawn on revenues of HK$12.42 billion, up 28 per cent, the Shipping Gazette informs.
HPH Trust's deep-water ports throughput was up five per cent year on year, despite the challenging business environment, said the company.
But the company also said revenue and other income for 2012 were nine per cent below projections "as the demand on the US and Europe trade has been weak since 2011".
Fourth quarter revenue was two per cent higher year on year and quarterly net profit attributable to shareholders was six per cent above last year's.
"The prolonged euro zone crisis and slow US recovery continue to hamper the global economic growth. Euro zone slump deepened as manufacturing activities shrank, which was caused by weak consumer sentiment, reduced investment and government spending," said the HPH statement accompanying the results.
But recent US data showed signs of improvement and American investment is picking up with more jobs are being created as US housing market shows signs of a rebound, said HPH.
"Emerging countries continue to play a significant role in driving the global recovery. Transshipment along with trade routes such as the Far East, Africa, Central and South America and Oceania continue to expand and are expected to outperform those of the US and Europe.
"With the policy easing [government borrowing to sustain spending] to support GDP growth, China's economic recovery is gaining momentum. The manufacturing activities have turned from contraction to growing at a mild pace in the three consecutive months since October 2012," the statement said.
"China continues to be the key engine of global growth with Pearl River Delta region remaining a main cargo source and the gateway to the Guangdong province's trade catchment area. HPH Trust's ports shall continue to benefit from China's growth.
"Shipping lines are increasingly deploying mega-vessels, entering into more vessel sharing agreements, adopting slow steaming and consolidating traffic at larger ports as part of their strategy to achieve economies of scale and reduce costs," said HPH.
"All of these measures are expected to benefit HPH Trust's ports given their superior infrastructure, natural deep water channels, long contiguous berths and scale of operations," said the statement.

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