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Southport increases profit but forecasts profit drop


Thursday 25th August 2011

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Southport New Zealand, operator of the port at Bluff, has increased earnings in a year notable for a rise in cargo volume from all of the sectors its serves.

The net profit after tax of $6.26 million in the year to June 30 was double the $3.13 million in the same period yesterday but last year's result included a non-cash tax charge of $2.08 million. This year about $279,000 of the charge has been reversed.

The normalised profit before non-recurring items was $5.98m, up from $5.21m the previous year.

The company is forecasting a 15 percent to 20 percent reduction in profit next year because it will have a depreciation charge on a container replacement and increased operating and insurance costs.

The port handled a record 2.64 million tonnes, up from 2.17 million tonnes in the previous year. Container volume rose to 33,000 twenty foot equivalent units from 29,000 last year.

It was unusual for all cargo sectors to be either growing or maintaining their tonnage levels at the same time, said chairman John Harrington.

The company will pay a final dividend of 14.5 cents a share.

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