Marsden Maritime lifts first-half earnings 2.9% as Northport volumes remain flat

Monday 29th February 2016

Marsden Maritime Holdings, which owns half of the Marsden Point-based Northport along with a marina, commercial facilities and land, lifted first-half profit 2.9 percent with cargo volumes crossing the port largely flat.

Net profit increased to $4.1 million, or 10.3 cents per share, in the six months ended Dec. 31, from $4 million, or 9.74 cents, a year earlier, the Whangarei-based company said in a statement. Revenue from its half-share in Northport slipped 1.9 percent to $4.2 million, even as cargo volumes rose 2.6 percent to 1.66 million tonnes in the period, the bulk of which was export logs.

"Port related earnings were marginally down on the corresponding period last year, but were offset by improved results from the group's other activities," chief executive Graham Wallace said. "Current projections suggest that the group's full-year trading result will be similar to that recorded in the 2015 financial year."

Marsden and Port of Tauranga each own 50 percent of Northport, and Marsden also owns 100 percent of Marsden Cove and Marina. The company itself is about 54 percent owned by Northland Regional Council and 19.9 percent by Ports of Auckland.

The company's property holdings delivered a 33 percent gain in net surplus of $407,000 in the half, on largely flat revenue of $677,000, while its marina and commercial unit tripled earnings to $90,000 as it more than doubled revenue to $706,000.

The board declared an interim dividend of 5.5 cents per share, payable on March 18 with a March 11 record date, and up from 5.25 cents a year earlier.

The shares last traded at $2.88, and have increased 0.7 percent so far this year.

BusinessDesk.co.nz

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