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Hutchison port holdings trust profits

SINGAPORE-listed Hutchison Port Holdings Trust posted an eight per cent year-on-year third quarter profit drop to HK$539 million (US$69.5 million) drawn on flat revenues of HK$3.4 billion.

Container volumes fell two per cent lower container volumes year-on-year, marking its first peak season decline in four years.

Affiliated to Hutchison Port Holdings, HPH Trust controls more than half the container terminals in Kwai Tsing, Hong Kong through its subsidiary Hong Kong International Terminals (HIT). It also controls Yantian International Container Terminal (YICT) in Shenzhen.

Volumes at YICT fell 3.5 per cent in the three months to September 30 compared to the same period last year, which HPH Trust attributed to a drop in the volumes of empty containers. 

HIT's throughput declined by 12 per cent year-on-year in the third quarter, compared to a fifth per cent decrease in container volume at Hong Kong to 5.6 million TEU.

The report noted that both HIT and YICT were affected by striking dockers this year, a work stoppage that lasted 40 days. Over in Shenzhen industrial action lasted for three days.