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

 


Lyttelton Port resumes dividends after insurance swells 1H

Lyttelton Port resumes dividends after insurance swells first-half profit

By Paul McBeth

Feb. 28 (BusinessDesk) - Lyttelton Port Co, Christchurch’s ocean trade hub, has resumed dividend payments for the first time since 2010 after reaching a settlement with its insurers over the damage caused by the Canterbury earthquakes, which swelled its first-half profit.

The company will pay an interim dividend of 2 cents per share on March 27 with a March 20 record, its first return to shareholders since the 2010 financial year. The port made a net profit of $336.5 million, or $3.291 per share, in the six months ended Dec. 31 from $3.25 million, or 3.2 cents per share, a year earlier, it said in a statement. The bulk of that came from the company recognising $357.6 million in insurance income as part of its $438.3 million settlement with Vero, NZI and QBE.

Lyttelton Port still has an outstanding matter with a third party that may result in an additional recovery, it said.

Stripping out the impacts of the earthquake, Lyttelton Port reported a 19 percent drop in earnings to $6.5 million, while affirming its annual forecast of earthquake adjusted profit to be between $15 million and $16 million in the 12 months ending June 30.

“The financial result, excluding the significant insurance proceeds, is strong albeit down on the same period last year,” chairman Trevor Burt said. “Expenses are up as the company has invested resources on a number of initiatives in health and safety, capacity and productivity.”

Employee expenses rose 13 percent to $23.3 million, and the cost of materials consumed and utilised increased 23 percent to $14.5 million. Revenue rose 6.4 percent to $57.6 million, with total container volumes up 9.2 percent to 185,630 twenty-foot equivalent units (TEUs) due to increased dairy exports and a steady stream of imports to support the Canterbury rebuild.

Log volumes climbed 79 percent to 279,736 tonnes and coal advanced 8.2 percent to 1.07 million tonnes.

Lyttelton Port said it recently completed a safety audit of all operations and is implementing more training, increased supervision and clearer procedures to improve health and safety. The company had two deaths on its site in November and December last year in the operations of third-parties, and another serious injury in January, which is being investigated by WorkSafe New Zealand.

The shares dropped 4.1 percent to $3.30, and have climbed 14 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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