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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

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