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

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news