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

 


Lyttelton Port 2013 annual earnings may fall as much as 23%

Lyttelton Port sees 2013 annual earnings down by as much as 23 percent

Nov. 2 (BusinessDesk) - Lyttelton Port Co, Christchurch's ocean hub, sees 2013 annual profit falling by as much as 23 percent as it moves outside its indemnity period for cruise revenue and on smaller volumes of coal exports.

The company expects earthquake-adjusted profit of between $13 million and $15 million in the 12 months ending June 30, 2013, down from $17 million in the latest financial year, chairman Rodger Fisher told shareholders at today's annual meeting in Christchurch.

The reduction in earnings reflected the movement outside the cruise revenue indemnity and Solid Energy's reduced coal volumes, which it has previously flagged as wiping $700,000 from annual profit.

The port posted a 15 percent decline in first-quarter earthquake-adjusted profit to $3.5 million, even as sales rose 3 percent.

Fisher said the port will embark on a long-term reinstatement of assets, which will take five or six years, and will conduct talks with interest parties on the shape of the hub.

"LPC is also focused on developing land to assist with rebuilding and to cater for long-term growth," he said. "While we are rebuilding, we also need to continue to develop to handle future volumes for Canterbury and the South Island."

Shareholders approved resolutions to re-elect Trevor Burt and Rod Carr to the company's board, and also to lift the pool of directors' fees $18,000 to $322,000.

The shares were unchanged at $2.20 in trading today, and have gained 5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news