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

 

CentrePort invests in regeneration of Port

12 OCTOBER, 2017


CentrePort invests in regeneration of Port

CentrePort’s underlying profit before earthquake-related income, fair value adjustments and tax was $10.8 million for the 2016/17 financial year, up from $5.4 million for the six months ending 31 December 2016.

The Port’s revenue for the year ended 30 June 2017 was $63.7 million. This is down on the $76.2 million for the previous year, but does not include $9.0 million in business interruption insurance income received following last November’s Kaikoura earthquake.

This performance was driven by strong growth in vehicles, cruise, fuel and log trades, which are up on last year by 32%, 12%, 7% and 5% respectively.

Profit after tax from continuing operations was $51.7 million, but CentrePort decided it was necessary to make a provision of $63.0 million to invest in resilience over the coming years. When combined with a $9.0 million increase in the value of Port land this has resulted in the company posting a $2.3 million loss.

In the past year, CentrePort received $173 million in insurance income, which helped fund the $28 million temporary works programme to allow a reinstatement of its two ship-to-shore cranes, which are now operational. Insurance income is expected to rise further as engineers and insurers complete their deliberations. Total material damage claims are estimated to be $350 million for the Port and in excess of $106 million for commercial properties.

CentrePort has increased the provision for write downs in the value of commercial properties to $32.0 million, up from $20.4 million for the six months ending 31 December 2016.

Chairman Lachie Johnstone said the Board was pleased by the financial results and the progress the company had made to recover from last year’s earthquake.

“These results show us investing in the Port’s resilience. They also show strong underlying performance.”

Chief executive Derek Nind says CentrePort had decided to account for the impact of the earthquake sooner rather than later.

“Our financial statements shows us facing up to the damage we’ve sustained, and investing to build our resilience in the future.

“We’re also seeing the benefits of being well insured, and expect these benefits to continue.

“We’re now focussed on completing temporary recovery works, and formulating plans for the long-term regeneration of the Port.”

The results for the 12 months ended 30 June 2017 follow.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>