Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Excellent Results Provide Platform for Further Growth

excellent RESULTs Provide PLATFORM FOR further growth

CentrePort is pleased to announce a net profit after tax of $17.9 million for the year to 30 June 2016, up $3.9 million on last year, resulting from a strong increase in trade and a positive earnings performance and property revaluation outcome.

Port revenue was up 10% to $73 million. Container trade was up 23% to 132,000 TEU (twenty-foot equivalent units), and log trade increased 19% to 1.04 million JAS (Japanese Agricultural Standard).

The results include net fair value gains of $3.4 million.

The result represents an 8.6% return on equity, contributing to an increase in shareholders’ funds of $11.1 million after dividend payments. The Board paid dividends of $6.8 million to its shareholders (Greater Wellington Regional Council and Horizons Regional Council), and has declared a final dividend of $ 0.7 million.

Bank borrowings were held steady at $102 million after capital expenditure of $12.3 million.

Retiring CentrePort Chairman, Warren Larsen said, “These are excellent results and totally consistent with the company strategy, with strong partnerships established and much valued customer support. The Board looks forward to continued profitable growth of the business.”

In the past year CentrePort have further expanded the hinterland network and have well developed plans in place to extend this still further.

“The company will continue to invest in both updating port infrastructure assets where required, and further developing regional strategic partnerships to create seamless road and rail connections from central New Zealand to our seaport,” said CentrePort Chief Executive, Derek Nind.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“Every day our CentreRail service, in partnership with KiwiRail, transports containers from across central New Zealand into Wellington, lowering cost and distance to market for importers and exporters in the region.”

CentrePort has further developed its plans for resource consent application to deepen the harbour shipping channel. This all tide depth enhancement will facilitate the handling of larger capacity vessels and ensure on going direct access to international markets for central New Zealand importers and exporters.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.