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

 


South Port 1H profit weaken as warehouse returns ebb

South Port 1H profit weaken as warehouse returns ebb, offsetting gain in cargo volumes

By Suze Metherell

Feb. 13 (BusinessDesk) – South Port New Zealand, which operates the wharves at Bluff in Southland, posted a 7.7 percent drop in first-half profit, as a rise volumes of cargo such as fertiliser, stock feeds and logs was offset by lower returns from warehouses.

Profit fell to $2.68 million in the six months ended Dec. 31, from $2.9 million a year earlier, the company said in a statement. Sales rose 5 percent to $14.6 million.

The company reiterated its guidance for full-year earnings to fall in the range of $5.8 million to $6 million, down from $6.5 million a year earlier.

The speed at which meat, fish and dairy crossed its wharves hurt warehousing margins for the company’s cold storage division, though it said increased bulk cargoes will help it meet the full-year forecast.

Another significant cargo generator for the Bluff port is the aluminium smelter at Tiwai Point, which continues to operate at less than full capacity, but has signalled the potential to list production later this year. The port is continuing to evaluate opportunities from recently awarded oil and gas exploration permits in the Great South Basin.

The shares were unchanged at $3.50 and have gained 2.9 percent in the past year, while the market as a whole has climbed 20 percent, based on the All Ordinaries Index.

A fully imputed interim dividend of 6 cents per share, down from 6.5 cents a year earlier, will be paid to shareholders on March 11, it said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news