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Waterfront businesses leading the way in AK's transformation

Media release

19 February 2014

Waterfront businesses leading the way in Auckland’s economic transformation

A boost in profits for two key Auckland companies shows the economic potential that the central city and waterfront can offer Auckland, say Mayor Len Brown and Councillor Penny Webster chair of the Finance and Performance Committee.

The pair welcomed the Ports of Auckland announcement today that its half-yearly net profit after tax is up 70 per cent. It comes the day after Precinct Properties announced a 67 per cent lift for the same period.

Len Brown said: “These results reinforce the opportunities we are seeing for transformative growth in Auckland’s economy. Ports of Auckland has taken great strides to increase its productivity and output over the past year, and as a result ratepayers will benefit from an interim dividend of $20.94m.

“Precinct Properties is a great example of the private sector keen to work with the council in the transformation of the city – bringing significant new investments and an enthusiasm to align their developments with the CRL.”

Penny Webster said: “I’m very pleased with the Ports result on the back of the Auckland International Airport dividend. The interim dividend is nearly double last year’s, with steadily increasing freight volumes as POA has begun to see the benefits of its restructuring. ”

Both welcomed Precinct Properties’ discussions with Waterfront Auckland to be potentially involved in Wynyard Central, a key element of the regeneration of Auckland’s downtown waterfront.

ENDS

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