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

 


Solid Energy, cruise ship losses pull Port of Lyttelton down

Solid Energy, cruise ship revenue losses pull Port of Lyttelton down

Feb. 28 (BusinessDesk) - Christchurch city's Port of Lyttelton turned in a 16.5 percent reduction in profit for the half year to Dec. 31, largely reflecting reduced coal export volumes from troubled state-owned coal miner Solid Energy and the loss of insurance cover for cancelled visits by cruise ships.

Profit after tax for the period was $8.0 million, compared with $9.5 million in the same period last year, prior to adjustments for earthquake impacts. Once those adjustments are taken into account, net profit was up 15.1 percent to $3.3 million.

However, the company's nominated metric for earnings guidance is the pre-adjustments figure.

Full year net profit was expected to be between $13 million and $15 million for the full financial year, down from $17 million last year, largely thanks to a projected $700,000 reduction in net earnings from Solid Energy coal shipments and the fact there will be no repeat of the $1 million insurance payout for cruise liner cancellations.

The port and city were damaged in the Canterbury earthquakes, but the port had been receiving business interruption insurance payments to cover lost income from cruise liners skipping a layover in Lyttelton.

The result was earning on a 4.5 percent increase in revenue to $54.2 million, with increasing dairy volumes and expanding facilities in the Christchurch region driving growth.

No dividend will be paid, in line with a policy to suspend distributions until all insurance matters stemming from quake damage are settled.

On that front, the company says "good progress is being made in all areas."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news