Lyttelton Port sustains further damage from latest quakes

Lyttelton Port sustains further damage from latest swarm of aftershocks

June 14 (BusinessDesk) - Lyttelton Port Co., which took a $22.6 million asset writedown after the September earthquake, said it has sustained further damage in the latest aftershocks.

The port has been completing a full engineering assessment and had expected to be ready to resume container handling at 7 a.m. this morning. The city was hit by quakes measuring magnitude 5.5 and 6 yesterday, which saw more buildings collapse, cut power and water and resulted in widespread liquefaction.

“We will update you once we have a clearer picture by close of business,” chief executive Peter Davie said.

One-time costs from the original magnitude 7.1 quake in September resulted in a first-half loss for the South Island’s biggest port company. It has said further damage from the February quake was covered by insurance.

Shares of Lyttelton have fallen about 2% in the past 12months while the benchmark NZX 50 Index climbed 14%.

Last month the port company lifted in forecast trading profit for the year ending June 30 to $12million from $10 million, reflecting a lift in container volumes. The forecast excludes one-time charges and insurance payouts.

(BusinessDesk)

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