HPHT

HPHT: (US$0.46) 1Q16 results disappoints on weaker global trade

- Net profit (sans one-off items), slipped 26.5% y/y to HK$210.1m. Revenue down 6.7% to HK$2.75b on weaker container throughput at HK and China terminals.
- Operating profits bolstered by HK$430m refund of government rent and rates.
- Bottonline eroded by higher interest expense and weaker performance from associate and JVs.