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Port Nelson reports positive result

Port Nelson reports positive result

The region's two councils are better off by $3.4 million, thanks to this year's Port Nelson Limited dividend, announced yesterday (Friday Oct 28th) at the company's AGM.

Port Nelson Chairman Nick Patterson said the company profit, at $5.259 million, was down from the previous financial year, but was around 7% ahead of budget, on revenues of $27,716,000.

"We knew we faced several one-off expenses this year, such as upgrading our security system, preparing the Noise Variation and the refit of the tug WH Parr," he said. "In view of these costs the result is pleasing and reflects well on our management team."

The port once again reported a record cargo volume of 2,624,000 tonnes, just on 60,000 tonnes ahead of the previous 12 months. This figure was boosted by extra logs handled through the port as a result of windfall from a storm in the Moutere - Motueka area in late 2004, as well as higher bulk imports related to the cement industry.

Processed wood shipments were below expected levels for the 12 month period, as were the volumes of fish handled through the port. On the plus side, fruit exports were up, flowing through into increased container throughput.

Mr Patterson said the forward outlook for a drop off in volume growth through the port in the next 3-5 years would be a challenge.

"This region faces reduced exports for a range of reasons - and this will require the port to focus on achieving greater operational efficiencies throughout the organization," he said. "This will ensure our shareholders get the returns they expect from the company, and that we can continue to provide the infrastructure necessary to service the region's importers and exporters."

ENDS

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