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

 


Northland Port divests half-stake in coolstores business

Northland Port divests half-stake in coolstores business

By Suze Metherell

Feb. 7 (BusinessDesk) – Northland Port Corp, which owns half of the Whangarei port’s operating company, has sold its 50 percent stake in North Port Coolstores to partner NPC Investments for $1.8 million.

The company will realise a gain of some $800,000 from the sale which will be accounted for in its second half earning of this financial year, it said in a statement. The coolstores made an after tax contribution of $200,000 to the port company’s profit of $6.7 million in the 2013 year.

"In a strategic context, the board believes that the company’s longer term interests will be best served by focusing on new and existing activity within the Marsden Point area where our other business interests are located and our small management team is based,” chairman Sir John Goulter said.

Northland Port is 54 percent owned by Northland Regional Council and about 20 percent by Ports of Auckland. It owns half of Northport, the terminal operator, in a joint venture with Port of Tauranga.

Northland Port’s other interests include stevedoring and 185 hectares of land at Marsden Point. The bulk of its earnings come from port operations.

Its shares were unchanged at $3.06 and are up 8.9 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news