Sharechat Logo

Lyttelton Port expects 2011 underlying profit of at least $10 mill

Thursday 28th October 2010

Text too small?

Lyttelton Port is forecasting an underlying profit of at least $10 million in 2011 as the port shrugs off the effects of the Canterbury earthquake and starts the financial year strongly.

Chairman Rodger Fisher told shareholders the South Island’s biggest port operation made a “very strong start” to the year and is tracking “significantly ahead” of the same trading period in 2009, with the cost of the 7.1 magnitude quake expected to be covered by insurance. International Financial Reporting Standards may result in “significant positive or negative impacts” on the bottom-line, he said.

“At this early stage of the year our forecast for the full financial year is a result of at least $10 million and we are ahead of the first quarter this year,” Fisher said. “Due to accounting requirements in the recognition and timing of insurance proceeds and the related expenditure, the impact on the profit is extremely difficult to forecast at this time.”

Lyttelton Port probably faces a repair bill, largely covered by insurance, of at least $50 million in the wake of last month’s quake, which also put the kybosh on a planned merger with Port of Otago.

The shares were unchanged at $2.30 in trading today.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO