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.