Friday 24th February 2012
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Northland Port Corp., which owns a half stake in the region’s Marsden Point operator Northport, posted a 51 percent gain in first-half profit as the wharves bulged with logs bound for export markets.
Profit rose 51 percent to $3.2 million for the six months ended Dec. 31, the NZX-listed company said in a statement today. Sales increased 35 percent to $4.8 million.
Northport traded above budget levels at 1.4 million tonnes, up from 350,000 tonnes a year earlier. The increase was driven by log exports that forced the port to lease an area outside its gate while additional log storage is paved within the port. This work is now underway and expected to be completed within three months.
“Work is also progressing well on the new scaling and truck queuing area located just outside the port gate, which will improve traffic flow and productivity,” said Northland Port chairman Colin Mitten. “In addition a second entrance to the port has been established to assist vehicle flow in this busy area.”
Ports of Auckland owns 19.9 percent of Northland Port, while its rival Port of Tauranga owns half of the operating company, Northport.
The board will pay an interim dividend of 3.5 cents per share on March 9. Shares in the Northland Port rose 3 percent to $1.55.
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