HONG KONG/SINGAPORE – Hutchison Port Holdings Trust (HPH Trust) reported profit attributable to unitholders of HK$490.5 million for the six months ended Jun 30, up 85 per cent year-on-year, lifted by higher throughput at Yantian International Container Terminals (YICT), a disposal gain linked to land expropriation and favourable currency movements.

Earnings per unit rose to 5.63 HK cents from 3.04 HK cents a year earlier. The board declared a cash distribution of 5.00 HK cents per unit, unchanged from the prior-year interim payout, with record date set for Jul 29 and payment due on Sep 18.

Total revenue and other income increased 9.5 per cent YoY to HK$6.19 billion. Chinese Mainland operations contributed HK$5.14 billion, up from HK$4.49 billion, while Hong Kong terminals generated HK$1.05 billion, down from HK$1.16 billion. Operating profit advanced 29.6 per cent to HK$2.76 billion, helped by a 530 per cent jump in other operating income to HK$234.8 million, largely from the land disposal gain and higher exchange gains.

Cost pressures were contained; total operating expenses slipped 2.6 per cent despite a 5.7 per cent rise in service costs and a 1.9 per cent uptick in staff expenses. Interest and other finance costs fell 10.4 per cent to HK$382.2 million, reflecting lower average HIBOR-linked borrowing rates and loan repayments in 2025, partly offset by higher rates on March 2026 refinancing. Share of losses from joint ventures widened to HK$39.2 million, mainly on weaker volumes at COSCO-HIT and ACT, while associated-company losses narrowed to HK$36.2 million.

During the half, the group raised HK$4.46 billion in new borrowings, redeemed US$500 million of guaranteed notes due March 2026 and repaid HK$4.64 billion of debt. Net debt closed at HK$24.11 billion. About 37 per cent of total borrowings carry fixed rates; management estimates that every 25-basis-point rise in HIBOR would lift monthly interest expense by roughly HK$3.2 million. Refinancing options are being evaluated for the US$500 million notes maturing in September 2026.

Looking ahead, the trust cited geopolitical tensions in the Middle East, evolving US trade policies and subdued consumer sentiment in the US and Europe as potential drags on global container volumes. Management also highlighted plans to accelerate decarbonisation, targeting a 45 per cent reduction in emission intensity by 2035 versus the 2021 baseline, up from the previous 30 per cent cut pledged for 2030.