Marsden Maritime posts flat annual profit
Marsden Maritime posts flat annual profit as log volumes remain static
By Suze Metherell
Aug. 26
(BusinessDesk) - Marsden Maritime Holdings, formerly
Northland Port Co, reported a flat annual profit as the
volume of logs it processed was little changed form a year
earlier.
Profit was $8.39 million in the year ended
June 30, from $8.33 million a year earlier, the
Whangarei-based company said in a statement. Revenue rose
2.1 percent to $10.8 million.
The port handled 2.46 million tonnes of logs in the year, little changed from the year earlier, while overall cargo volumes declined 3 percent to 3.18 million tonnes.
"Northport was able to post
improved earnings, mainly as a result of an increase in
storage revenues from higher volumes of cargo stored on-port
throughout the year, despite the reduction in overall cargo
throughput," chairman John Goulter said.
The company
said it lifted occupancy levels at its Marsden Cove marina
and commercial complex, while it also had plans to install a
new vessel haul-out facility at the marina.
"We have also achieved an improved performance from our property holdings by securing additional industrial tenancies, although this has been partially offset by a significant drop in farming revenues," said chief executive Graham Wallace.
The port was also working on an industrial subdivision to build a large bulk warehouse which would be finished in the first quarter of 2016. It will be leased to a "major international bulk commodities trading entity" and boost cargo flows through Northport, Wallace said.
The company will pay a final dividend of 6.75 cents per share on Sept. 18, bringing its total dividend for the year to 12 cps, up 6.7 percent from a year earlier.
The shares rose 0.4 percent to
$2.90 and have gained 7 percent since the start of the year.
(BusinessDesk)