Friday 27th August 2010 1 Comment
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Northland Port, the port and infrastructure investment holding company, has reported a 16% rise in net profit for the year to June 30, on the back of improved log volumes at the port of Marsden Point.
It posted full-year net earnings of $3.1 million, or 7.59 cents a share, up from $2.7 million, 6.3 cents per share, in the previous period. Operating revenue for the year came in at $5.2 million, up from $4.5 million.
The company said the main driver behind its performance was the improved trading result of associate, Northport, which had experienced above budget results consistently throughout the year
“Cargo volumes through the port, at approximately 2 million tonnes, were 400,000 ahead of those the previous year,” said Chairman Geoff Vazey.
“The main increase was in log exports, which was offset to some degree by reductions in fertilizer and coal volumes.”
Northport is the port operating company for the cargo terminal at Marsden Point, and is jointly owned by Northland Port and Port of Tauranga.
North Port was also forced to realise a $3.9 million reduction in the company’s asset revaluation reserve related to property in the Marsden Point area, down from $10.5 million the year before. Vazey called the reduction “slight”.
The company said performances from associated companies Northland Stevedoring Services Ltd. and North Port Coolstores, in which it owns a 50% stake in each, had improved over the latter part of the year.
Earnings from associates were $3.9 million, up from $2.9 in the previous period.
Shares in Northland Port were unchanged from yesterday’s close at $1.70.
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