By Ben Dutton
Tuesday 22nd August 2000
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After tax profit for Auckland's port company was $42.8 million with revenue steady at $154.2 million, consistent with 1998-99's figures of $153.8 million.
Sir Richard Carter, chairman of the Board, said that the increased profitability off the back of the same amount of revenue was due to improved productivity, new business processes and new ventures in Marine Services.
It was acknowledged that competition was the cause of the flat revenue as prices had to be reduced in order for the company to remain competitive
A stronger performance in property and marinas due to the America's Cup meant that net cash flows also increased, with a 27% rise to $65.6 million. Cargo handling also performed well with operating costs falling 10% to $82.0 million.
CEO Geoff Vazey said that the company had introduced more effective and efficient ways of operating and that a major step forward in productivity had been achieved.
Earlier in the year, Ports of Auckland declared a special dividend of 15cps and has returned $361 million to shareholders since it was established in 1988.
Ports of Auckland's share price was up on the news as shareholders reacted favourably to the announcement.
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