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

 


Northland Port posts 3.7 percent rise in first half profit

Northland Port posts 3.7 percent rise in first half profit; cargoes growing

By Tina Morrison

Feb 28 (BusinessDesk) – Northland Port Corp, which owns half of the Whangarei port operating company, posted a 3.7 percent rise in first half profit as it moved more cargo and it expects a continuation of the trend will boost annual earnings.

Net income increased to $3.8 million in the six months ended Dec 31, from $3.7 million in the year earlier period, the Ruakaka-based company said in a statement. Revenue rose 7 percent to $5.3 million.

Northland Port, which gets the bulk of its earnings from port operations, said cargo through the port increased 7.6 percent to 1.659 million tonnes in the first half and is expected to exceed 3.2 million tonnes for the full year, up from a record 3.095 million tonnes last financial year.

“A lift in the underlying earnings of the group for the full year is thus anticipated presuming these volume forecasts are attained,” chairman John Goulter said. He previously said in the company’s 2013 annual report that growth in cargo throughput would be at more modest levels than the last few years, signalling a “satisfactory” trading result for the full year.

The port company has in the past 18 months increased storage capacity within the port terminal to more efficiently accommodate logs destined for export, and further development will be required to accommodate anticipated future growth in cargo volumes, Goulter said. Initial designs are being considered for construction of a fourth berth, he said.

Northland Port will pay a dividend of 5 cents a share on March 21, up from 4.5 cents a year earlier.

The latest period included a $170,000 write down of the company’s shareholding in Fonterra Cooperative Group, reflecting a drop of about $1.50 per Fonterra share during the six months to Dec.31. At the previous balance date of June 30, Northland Port held 113,343 cooperative shares in Fonterra, which it valued at $7.29 a share.

Excluding one-time items, the port’s underlying earnings in the first half rose 8.8 percent to almost $4 million, the company said.

Shares in Northland Port last traded at $3.10 and have gained 10 percent so far this year. Northland Port is 54-percent owned by Northland Regional Council and about 20 percent by Ports of Auckland. It owns half of Northport, the terminal operator, in a joint venture with Port of Tauranga.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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