Hutchison Port Holdings US$2.59 billion profit up 12pc
Hutchinson Whampoa has announced that profit attributable to shareholders for 2006 grew 40 per cent over the previous year to HK$20.03 billion (US$2.59 billion).
These results include a profit on revaluation of investment properties of HK$3.80 billion and a profit on disposal of investments totalling HK$23.29 billion, including a profit of HK$24.38 billion from the cash sale of a 20 per cent equity interest in its ports division to PSA International.
The group's revenue grew 11 per cent over 2005 to HK$267.66 billion.
Earnings before interest, finance cost, tax and minority interests (EBIT) from the group's established businesses increased by 14 per cent to HK$43.79 billion despite a lower contribution from Hutchison Telecommunications International.
The group's largest contributor to profits, the ports and related services division recorded steady growth in 2006, with total revenue growing 10 per cent to HK$33.04 billion.
The division's EBIT increased 12 per cent year on year to HK$11.4 billion, with ports in Shanghai, Panama and Yantian leading the growth. On the other hand, the EBIT growth was partially offset by five per cent lower EBIT from Kwai Tsing terminals. The division contributed 15 per cent and 26 per cent, respectively, to the total revenue and EBIT of the group's established businesses for the year, a HWL statement said.
Total throughput increased 15 per cent over 2005 to 59.3 million TEU. Major contributors to throughput growth were ports in Shanghai at 48 per cent; Yantian port at 17 per cent; Westports at Port Klang in Malaysia, 24 per cent; and Kwai Tsing terminals in Hong Kong, five per cent, together with recently acquired Terminal Catalunya in Barcelona, Spain.
During the year, the division continued to expand and enhance its existing facilities by developing newly acquired terminals and pursuing new investment opportunities. Construction is underway to expand port facilities in Yantian, Gaolan in Zhuhai, Rotterdam, Laem Chabang in Thailand, ports in Panama, as well as in Lazaro Cardenas in Mexico. The construction of a new seven-berth terminal facility in Barcelona has also begun.
HWL has interests in a total of 45 ports, comprising 257 berths in 23 countries. In 2007, the group will continue to seek new opportunities on mainland China as well as overseas. It is also forecasting another positive performance for this year.
These results include a profit on revaluation of investment properties of HK$3.80 billion and a profit on disposal of investments totalling HK$23.29 billion, including a profit of HK$24.38 billion from the cash sale of a 20 per cent equity interest in its ports division to PSA International.
The group's revenue grew 11 per cent over 2005 to HK$267.66 billion.
Earnings before interest, finance cost, tax and minority interests (EBIT) from the group's established businesses increased by 14 per cent to HK$43.79 billion despite a lower contribution from Hutchison Telecommunications International.
The group's largest contributor to profits, the ports and related services division recorded steady growth in 2006, with total revenue growing 10 per cent to HK$33.04 billion.
The division's EBIT increased 12 per cent year on year to HK$11.4 billion, with ports in Shanghai, Panama and Yantian leading the growth. On the other hand, the EBIT growth was partially offset by five per cent lower EBIT from Kwai Tsing terminals. The division contributed 15 per cent and 26 per cent, respectively, to the total revenue and EBIT of the group's established businesses for the year, a HWL statement said.
Total throughput increased 15 per cent over 2005 to 59.3 million TEU. Major contributors to throughput growth were ports in Shanghai at 48 per cent; Yantian port at 17 per cent; Westports at Port Klang in Malaysia, 24 per cent; and Kwai Tsing terminals in Hong Kong, five per cent, together with recently acquired Terminal Catalunya in Barcelona, Spain.
During the year, the division continued to expand and enhance its existing facilities by developing newly acquired terminals and pursuing new investment opportunities. Construction is underway to expand port facilities in Yantian, Gaolan in Zhuhai, Rotterdam, Laem Chabang in Thailand, ports in Panama, as well as in Lazaro Cardenas in Mexico. The construction of a new seven-berth terminal facility in Barcelona has also begun.
HWL has interests in a total of 45 ports, comprising 257 berths in 23 countries. In 2007, the group will continue to seek new opportunities on mainland China as well as overseas. It is also forecasting another positive performance for this year.
