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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news