South Port lifts profit forecast

Friday 6th May 2011

South Port has lifted its profit forecast, as cargo volumes for the first 10 months of the financial year run 23% ahead of a year earlier.

The company, which operates the port at Bluff, today said after tax profit for the year to the end of June was likely to fall in a range between $5.6 million and $5.8 million.

That is up from the $4.8 million to $5.2 million range expected previously.

The increase followed continuing cargo flows through the port, with total cargo volume of 2.17 million tonnes in the 10 months to the end of April, compared to 1.77 million tonnes a year earlier.

The lift in tonnage was due to strong Chinese log demand, higher than expected fertiliser application in the region and increased imports of stock food, South Port said.

Containerised cargo was also up, while the Rio Tinto Alcan operated NZAS Tiwai Aluminium Smelter had reverted to more normal production levels.

NZPA

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