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

 


Marsden Maritime lifts annual profit 24%

Marsden Maritime lifts annual profit 24% as Northport cargo rises, asset sales

By Paul McBeth

Aug. 29 (BusinessDesk) - Marsden Maritime Holdings, formerly Northland Port Co, lifted annual profit 24 percent as a stronger result from its half-stake in Whangarei's Northport was supported by asset sales in the year.

Net profit rose to $8.33 million, or 20.18 cents per share, in the 12 months ended June 30, from $6.73 million, or 16.31 cents, a year earlier, the Whangarei-based company said in a statement. Trading profit rose 9.9 percent to $7.92 million, and the bottom line was bolstered by gains of $872,000 from the sale of its holdings in North Port Coolstores (1989) and Northland Stevedoring Services. Revenue rose 8.5 percent to $10.5 million.

"The group's improved trading result had been assisted by a lift in earnings derived from its 50 percent stakeholding in Northport Ltd, where a record cargo throughput of 3.282 million tonnes was handled during the period," chief executive Graham Wallace said. "An increased variety of other goods crossed the wharf at Northport during the year with non-forestry cargos increasing by over 64 percent to 334,000 tonnes."

Marsden Maritime was censured by the stock market disciplinary tribunal last week, which said Northland Regional Council, which holds a 53 percent stake, was a related entity and shouldn't have participated in a vote to hike the pool of director fees because chairman Colin Mitten is also a director of a council-owned subsidiary.

The board declared a final dividend of 6.25 cents per share, payable on Sept. 19 with a Sept. 12 record date. That takes the total payout to 11.25 cents per share in the year, up from 10 cents in 2013.

The shares rose 2.9 percent to $2.83.

Marsden Maritime generated operating cash flow of $7.81 million in the year, up from $6.54 million in 2013, and had cash and equivalents of $1.59 million as at June 30.

The company's port-related operations increased profit 6.8 percent to $8.41 million on a 5.6 percent lift in revenue to $8.98 million. Its property holdings segment turned to a loss of $162,000 compared to a profit of $200,000 in 2013, with a 24 percent increase in revenue to $1.19 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news