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

 


Ports of Auckland 1H profit soars 70%

Ports of Auckland 1H profit soars 70 percent as cargo volumes climb

Feb. 19 (BusinessDesk) - Ports of Auckland, whose operations were disrupted in 2012 in a protracted industrial dispute, boosted first-half profit 70 percent as import and export cargo volumes climbed and it reaped the benefits of improved productivity.

Net profit rose to $26.4 million in the six months ended Dec. 31 from $15.5 million a year earlier, the Auckland-based company said in a statement. Operational earnings rose 47 percent to $40.4 million, and total container volumes rose 15 percent to 474,333 twenty-foot equivalent units (TEUs).

“Our productivity has gradually improved since we started restructuring in 2011,” chief executive Tony Gibson said. “In effect, the restructuring has enabled us to take advantage of an improving economy and Auckland’s continuing growth.”

Auckland lost business to Port of Tauranga because of the 2012 strike as shipping company Maersk diverted some services and Fonterra opted to move all of its upper North Island export dairy products through Tauranga.

The Auckland Council-owned port lifted its interim dividend payment to $20.94 million from $11.6 million a year earlier.

The port reported a 20 percent increase in full import containers and a 13 percent gain in full export containers. Break-bulk cargo volumes rose 42 percent to 2.87 million tonnes.

Gibson said volumes have held up since the start of the year, and prompted last month’s announcement that the port will invest in a new larger tug boat to handle bigger ships and two new straddle carriers to deal with the increased container numbers.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news