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

 

Port Nelson Reports A Positive Result


Port Nelson Reports A Positive Result

Port Nelson Limited (PNL) has reported a positive year, with the involvement of Unimar Limited in the Rena recovery boosting total earnings before interest and tax to $14.6 million.

Chairman Nick Patterson told the shareholders at today’s Port Company AGM that this was $1.6 million above budget, which he said was particularly pleasing, given the ongoing challenging conditions in the wider economy.
“Port Nelson’s 44 per cent shareholding in Unimar has given our end result a significant lift and has seen the fortunes of Unimar itself change significantly from only 12 months ago,” he said. “It’s been satisfying to see a Nelson-based company having the expertise to take a leading role in this important salvage project, as the New Zealand representative for UK-based Braemar Howells.”

Excluding the Unimar contribution, operating earnings were $12.3 million, down on last years’ $12.8 million.

The Board declared a special dividend of $8 million in March after looking at short and medium term plans, a review of financial projections and of the balance sheet. Further to that it recentlypaid its shareholders, the Nelson City and Tasman District Councils, a final dividend of $3.2 million, and an interim dividend of $1 million in April this year. Mr Patterson said this puts the total dividends paid out since the Port Company was formed in 1988 at close to $122 million.

Highlights of the Directors’ Report to shareholders were:
• Total cargo for 2011/12 was 2.65 million tonnes, down very slightly on the previous year and also below what had been budgeted, mainly due to the reduction in log exports to China from the region, from the middle of 2011 onwards.
• Processed forestry, fish and wine volumes were all above budget, with sawn timber and fruit at slightly lower levels than expected
• Container volumes at 86,178 TEU (Twenty-foot Equivalent Unit) were just above the previous record figure of two years ago
• Maintenance costs were well contained for the year, with dredging expenses not as high as expected
• Tax expense was significantly reduced due to buildings and building fit-outs previously notdepreciable now being depreciable
However, Mr Patterson said uncertainty over container shipping services was bringing challenges to regional ports: “After considerable lobbying by a number of key Nelson exporters and ourselves, Maersk made the decision in July to retain a Nelson call, but the uncertainty over the changes only served to emphasise the vulnerability of regional ports in retaining ongoing services.”
Mr Patterson thanked the PNL management team and staff for their efforts over the last year, and voiced his appreciation to importers, exporters and shipping lines for their continued custom.
--

Maersk Algarrobo at Port Nelson


Click for big version.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO:

Transition To Low Carbon: Mineral And Petroleum Resource Strategy

Responsibly Delivering Value – A Minerals and Petroleum Strategy for Aotearoa New Zealand: 2019-2029 has been developed to provide the direction for the sector in the transition to a low carbon and productive, sustainable and inclusive economy. More>>

ALSO:

MethaneSAT: Methane Satellite Mission Control In New Zealand

Mission Control for an international space mission to help tackle climate change will be based in New Zealand, with the Government putting $26 million towards the state-of-the-art satellite...More>>

ALSO:

Real Estate: Late Spring Surge

The continued shortage of quality real estate listings, coupled with record low mortgage interest rates have combined to add some zing to the property market over October. More>>

Wellbeing Stats: Finances Less Terrible And Less Great

According to results from the General Social Survey, the proportion of people who felt they had enough or more than enough money to meet everyday needs increased from 51 percent in 2008 to 63 percent in 2018, Stats NZ said today. More>>

ALSO: