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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news