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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news