Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


South Port says full-year profit will exceed guidance

South Port says full-year profit will exceed guidance on log trade, fertiliser

Dec. 21 (BusinessDesk) - South Port New Zealand Ltd., which operates the nation’s southern-most port at Bluff, said 2011 earnings will exceed its forecast range because of increased volumes of logs exported to China and a return to normal output from the Tiwai Aluminium Smelter.

Full-year profit will exceed the $3.5 million to $3.9 million range given in the company’s 2010 annual report, South Port said in a statement today. In the first five months of the year, total cargo volume was 1.09 million tonnes, up from 820,000 tonnes in the same period a year earlier.

“This additional tonnage is attributable to strong Chinese log demand, higher than expected fertiliser application in the region and increased imports of stock food,” the port company said. “In addition, greater containerised cargo has been generated by the MSC Capricorn service plus the Rio Tinto Alcan operated NZAS Tiwai Aluminium Smelter has reverted to more normal production levels.”

Volumes from the smelter recovered after a transformer explosion took out a third of production last year.

The company will give a new forecast with its first-half results on Feb.10, it said.

South Port’s shares were unchanged at $2.52 today and have fallen about 7% this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>


Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>