Hutchison Port Holdings 2010 profit up 12pc to US$205.7 million

HONG KONG's Hutchison Port Holdings (HPH) has posted a 12 per cent year-on-year net profit increase to HK$11.6 billion (US$205.7 million) for 2010, drawn on revenues of HK$37.7 billion, an increase of 13 per cent.


Container throughput in 2010 was a record 75 million TEU, up 15 per cent on its 2009 volume, the biggest increase in three years.


Also contributing, said parent company Hutchison Whampoa, were "improved operational efficiencies and benefits associated with cost saving initiatives implemented last year".


Volume at HPH terminals in the Americas grew 27 per cent year on year. Throughput increased 15 per cent in Greater China, 14 per cent at terminals in other Asian ports and 11 per cent in the Middle East and Africa.


Mideast and African terminals were the star performers, providing a year 34 per cent operational profit year on year.


HPH has also been monetising terminal assets, raising HK$45 billion in a trust fund offering on the Singapore stock exchange.


Hutchison Whampoa's property, retail and telecommunications interests posted a net 47 per cent profit increase to HK$20 billion, drawn on revenues of HK$325 billion, a year-on-year increase of eight per cent.
(Source:http://www.schednet.com)