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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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