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Hutchison's ports business dragged down by global crisis

Hutchison's ports business dragged down by global crisis

Hong Kong: Hutchison Whampoa's ports business profits and volumes were hit by the global economic downturn in 2009 "This division faced a very difficult year in 2009," said Li Ka-shing, chairman of Hutchison, in his statements on the company's financial results for 2009 Earnings before tax and interest for the ports division fell 21% in 2009 to HK$10.4bn, while revenues decreased 16% to HK$33.4bn. Mr Li blamed the fall in revenues on a "sharp reduction in global trade volume and lower average tariffs. Throughput at Hutchison's terminals worldwide fell by 3% to 65.3m teu last year. Despite the poorer performance by its ports Hutchison's group profit was up 12% at HK$14.2bn in 2009. [30/03/10]

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