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

 


Northland Port 1H profit rises 15% on increased log volumes

Northland Port 1H profit rises 15 percent on increased log volumes

Feb. 26 (BusinessDesk) – Northland Port, the investment company that owns half of Northport, reported a 15 percent increase in first-half profit on increased export log volumes across the wharves at Marsden Point.

Profit rose to $3.67 million in the six months ended Dec. 31, from $3.2 million a year earlier. Operating revenue rose 18 percent to $4.92 million.

Northland Port is 54 percent owned by Northland Regional Council and about 20 percent by Ports of Auckland. It owns 50 percent of Northport, with the remainder held by Port of Tauranga. Northland Port’s other interests include stevedoring, cool stores and 185 hectares of land at Marsden Point. The bulk of its earnings come from port operations.

Total cargo volumes through the port rose 11 percent to 1.54 million tonnes, of which logs accounted for 1.14 million tonnes.

Rising volumes across the wharves are putting pressure on existing storage capacity, prompting the port to accelerate plans to pave a further 3 hectares of land. That work is expected to be complete by the end of the financial year.

Chairman Sir John Goulter said annual cargo throughput at Northport is forecast to rise above 3 million tonnes from 2.7 million tonnes a year earlier.

“Assuming this projected volume is reached, a further uplift in the overall profitability of the group can reasonably be expected,” Sir John said.

The company will pay a first-half dividend of 4.5 cents on March 22, up from 3.5 cents a year earlier.

Shares of Northland Port last traded at $2.99 and have gained 24 percent this year.

(BusinessDesk

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news