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

 


Increased Trade Growth Supports Earthquake Recovery

Increased Trade Growth Supports Earthquake Recovery

CentrePort has posted an underlying trading Profit after Tax of $6.2m for the six months to December 2013.

The company is dealing with the impact of seismic repair works arising from the Seddon earthquakes in July and August.

After earthquake related provisions and fair value adjustments the company reported a six month loss of $0.2m.

Chief Executive, Blair O’Keeffe said “The increased trading result was supported by an increase in log, vehicle and container trade. The trading profit is 20% higher than the corresponding period last year and 14% above the company’s previous best result.”

Chairman, Warren Larsen said “There have been no trade interruptions as a result of the earthquakes. The business is performing well as reflected in the increased trading profit. The earthquake repairs are well underway and the business will absorb the costs this year. This has not disrupted our plans for continued trade and profit growth. We expect a return to profit by year end”.

An interim dividend of $1.25m has been declared.

“We are pleased with the on-going progress of our strategy and the growth of the port, which flows into the regional economy”. Mr Larsen said.

CentrePort’s activities support nearly $2b of regional GDP.

CENTREPORT HALF YEAR RESULTS To year ended 31 December 2013$m 2013 (6 months)$m 2012 (6 months)Percentage change
Revenue31.527.9+13%
Operating expenses23.521.4+10%
EBIT8.06.4+25%
Earnings from joint venture companies3.33.3-
Underlying net profit after tax6.25.1+20%
Earthquake related items (After tax)(8.9)
Fair value adjustments2.5
Reported Net profit/(loss) after tax(0.2)5.1-

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news