HONG KONG's global port operator CK Hutchison Holdings' 2017 net profit increased six per cent to HK$35.1 billion (US$4.47 billion), drawn on revenues of HK$414.8 billion, up nine per cent.
The 287 berths run by Hutchison handled 84.7 million TEU in 2017, four per cent more than in 2016 with port and related services revenues coming in at HK$34.2 billion, up six per cent.
Pre-tax (EBITDA) profit for the division rose eight per cent to HK$12.56 billion, while earnings before interest and taxes (EBIT) was up nine per cent year on year to HK$8.23 billion.
Steady growth at terminals in mainland China and Hong Kong, Barcelona, Pakistan and Panama accounted for the gains, somewhat offset by lower volumes in Port Klang, Jakarta, Dammam and Freeport.
CK Hutchison Holdings, which was formed in 2015 through the merger of Hutchison Whampoa and Cheung Kong Group, said its ports division would "continue to pursue cost saving initiatives as well as strengthening strategic alliances with customers in order to maximise profits from an expected modest growth in global trade in 2018".
Li Ka-shing, who founded the company in 1950, has stepped down as chairman, but remains a senior advisor to his son Victor Li Tzar-kuoi who has worked with his father for 33 years, will succeed him as chairman.
Sources:Schedule
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