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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news