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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news