Container throughput at Hong Kong International Terminals (HIT) decreased by 2.5% as compared to the same quarter in 2014, primarily due to weaker intra-Asia and transshipment cargoes, while at Yantian International Container Terminals (YICT) just across the border, throughput increased by 4% compared to the second quarter of 2014, primarily due to the growth in US and empty boxes. The average revenue per teu for Hong Kong was 5.5% above last year due to tariff increment and favourable throughput mix from liners, while for China, the average revenue per teu was 0.7% above last year, mainly due to tariff increment.
Second quarter revenue and other income rose 2.1% to HKD3.13bn, representing while net profit rose 8.5% to HKD399.9m.First half revenue and other income was almost flat, rising just 1.1% to HKD6.08bn, while net profit fell by about a quarter to HKD685.7m from HKD927.3m previously.
Looking at the broader picture over the first half of the year, Hong Kong's woes become more apparent. HIT's H1 container throughput fell by 1.1% from 2014, primarily due to weaker transshipment cargoes. Meanwhile first half container throughput at YICT increased by 6.8% as compared to the same period in 2014, primarily due to the growth in US, transshipment and empty boxes. In terms of financials, the performance is slightly different however.
The average revenue per teu for Hong Kong was 2.9% above last year largely due to tariff increment, while in China, the average revenue per teu was almost flat, as a tariff increment was offset by a higher proportion of empty containers handled.
"Management remains cautious on the volume outlook for the remainder of the year given the depressed EU market and will continue to focus on improvements to tariffs and costs," HPH concluded.
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