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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news