Marsden Maritime posts flat annual profit as log volumes remain static

Wednesday 26th August 2015

Marsden Maritime Holdings, formerly Northland Port Co, reported a flat annual profit as the volume of logs it processed was little changed form a year earlier.

Profit was $8.39 million in the year ended June 30, from $8.33 million a year earlier, the Whangarei based company said in a statement. Revenue rose 2.1 percent to $10.8 million.

The port handled 2.46 million tonnes of logs in the year, little changed from the year earlier, while overall cargo volumes declined 3 percent to 3.18 million tonnes.

"Northport was able to post improved earnings, mainly as a result of an increase in storage revenues from higher volumes of cargo stored on-port throughout the year, despite the reduction in overall cargo throughput," chairman John Goulter said.

The company said it lifted occupancy levels at its Marsden Cove marina and commercial complex, while it also had plans to install a new vessel haul-out facility at the marina.

"We have also achieved an improved performance from our property holdings by securing additional industrial tenancies, although this has been partially offset by a significant drop in farming revenues," said chief executive Graham Wallace.

The port was also working on an industrial subdivision to build a large bulk warehouse which would be finished in the first quarter of 2016. It will be leased to a "major international bulk commodities trading entity" and boost cargo flows through Northport, Wallace said.

The company will pay a final dividend of 6.75 cents per share on Sept. 18, bringing its total dividend for the year to 12 cps, up 6.7 percent from a year earlier.

The shares rose 0.4 percent to $2.90 and have gained 7 percent since the start of the year.

BusinessDesk.co.nz

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