Singapore-listed HPH Trust, a Hutchison port operator, posted a 15 per cent year-on-year decline in net profit to HK$3 billion (US$386.8 million) in 2013, drawn on revenues of HK$12.4 billion, down 0.7 per cent.
Fourth quarter net profit was 34 per cent lower year on year, falling to HK$664.4 million, drawn on revenues of HK$3.12 billion, down one per cent.
Affecting the results was the Hong Kong's dock strike in April and May as well as rising competition from neighbouring ports and slowing export growth from southern China, said the company.
Throughput at all terminals in 2013 was off one per cent to 22,799,000 TEU year on year, reflecting the 1.6 per cent decline at Hutchison International Terminals, Cosco-HIT and Asia Container Terminals to 12 million TEU.
This was slightly offset by throughput at the HPH Trust Yantian International Container Terminal in Shenzhen, which rose 0.9 per cent to 10.8 million TEU.
Chief executive Gerry Yim noted that the decline in throughput and profits resulted from tougher trading conditions in the fourth quarter of 2013 and the effect of industrial action at Hong Kong's port in the first half of the year.
"The average revenue per TEU for Hong Kong was lower than last year because of one-off concession granted to liners after industrial action in HIT," said the HPH trust statement.
Mr Yim said HPH Trust's Hong Kong terminals would be ready to dock bigger box ships and had arranged with the government to dredge channels to 17 metres. He also looked forward to the P3 alliance of Maersk, CMA CGM and MSC delivering productivity gains.
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