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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news