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

 

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news