Hutchison Port Holdings Trust Sees Q4 Red
Hutchison Port Holdings Trust said on Friday it swung into loss in the last quarter of 2014 due to a HK$19 billion ($2.45 billion) impairment of goodwill, the first quarterly loss the trust has suffered since listing in 2011.
The trust booked a net loss of HK$18,610.0 million for the quarter, and a full-year loss of HK$17,192 million, a statement said.
The trust said an uncertain global economy, tough trading environment faced by its Hong Kong operation and labour cost pressures led to the impairment loss.
Hutchison Port owns interests in container port assets in Hong Kong and Shenzhen and is backed by Hong Kong billionaire Li Ka-shing's Cheung Kong (Holdings) Ltd.
Reporting by Rujun Shen