HUTCHISON Port Holding Trust (HPH Trust) posted a distribution per unit (DPU) of HK$0.072 for the second half of the year ended Dec 31, 2024, down 6.5 per cent from HK$0.077 in the corresponding year-ago period, said its trustee-manager in a bourse filing on Friday (Feb 7).
This will be paid on Mar 28, after the record date of Feb 18.
Distributable income for the six months fell 6.5 per cent on year to HK$627.2 million (S$109 million), from HK$670.8 million.
The H2 DPU brings the full-year distribution per unit to HK$0.122, resulting in a distribution yield of 9.5 per cent as at the closing price of US$0.164 on Dec 31, 2024.
Full-year DPU is 7.6 per cent lower than the HK$0.132 DPU of FY2023.
Distributable income for the full year is HK$1.06 billion, down 7.5 per cent compared with HK$1.15 billion a year ago.
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The fall in DPU comes despite FY2024 revenue and other income increasing 8.8 per cent to HK$11.6 billion, from HK$10.6 billion a year ago.
Profit attributable to unitholders also climbed, jumping 178.4 per cent year on year to HK$650 million, from HK$233.5 million.
The trustee-manager of HPH Trust said that it is working to refinance a US$500 million club loan due in March this year through either bank loan or guaranteed notes.
“However, interest expense will increase when HPH Trust refinances its maturing debt that was drawn at the low end of the interest rate cycle some four to five years ago,” it added.
Units of HPH Trust fell 2.5 per cent or US$0.004 to US$0.157 on Friday, before the announcement.
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