Market has given HPHT the thumb down for it Q4/full year results. NPAT and NPAT attributable to unitholders for the 4th quarter was 34% and 47% lower than last year. It seems like operations are deteriorating. First some number crunching. 1) OCF is 5.1 billion HKD compared to 4.4 billion a year ago. Q4 OCF is 1.4 billion. 2) Yantian did show better throughput of about 1% but is offset by the 12% decline in HIT ports. 3)   There were several one-off items, below are the items and the amount a) Expenses incurred for acquisition of ACT; est. 110 million HKD b) Additional interest expense due to refinancing of loans; est 7 million c) One-off concession to liners due to the disruption of HIT ports due to strikes; preliminary calculation – 600K d) Currency loss/gain- I would not classify it as one-off 4) recurring higher costs -> ......