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


Northland Port FY profit climbs on Northport log volumes

Northland Port FY profit climbs on Northport log volumes, property gain

Aug. 24 (BusinessDesk) - Northland Port Corp, which owns a half stake in the region’s Marsden Point port operator Northport, posted a 61 percent gain in full-year profit on a surge in log exports and a one-time revaluation gain on its property portfolio.

Net profit rose to $7.6 million, or 18.47 cents a share, in the 12 months ended June 30, from $4.7 million, or 11.45 cents, a year earlier, the Whangarei-based company said in a statement. Sales rose to $8.2 million from $6.69 million.

Most of the profit came from its 50 percent share of the surplus from Northport, which rose to $6 million from $4.96 million. Northland Port also recognised a $1.5 million revaluation gain on its property assets surrounding the port.

Log exports through Northport gained 25 percent to 1.96 million tonnes, lifting overall volumes through the port to 2.7 million tonnes. Chairman Colin Mitten said further growth in volumes is expected in the 2013 financial year, when they’re forecast to reach 2.9 million tonnes.

The company will pay a final dividend of 5 cents a share, up from 4 cents a year earlier, bringing annual payments to 8.5 cents from 6.5 cents.

Shares of Northland Port last traded at $1.90 and have gained 27 percent this year.

Ports of Auckland owns 19.9 percent of Northland Port Corp while rival Port of Tauranga has a holding in Northport.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Energy: New Zealand Could Be World’s First Large-scale Producer Of Green Hydrogen

Contact Energy and Meridian Energy are seeking registrations of interest to develop the world’s largest green hydrogen plant. The plant has the potential to earn hundreds of millions in export revenue and help decarbonise economies both here and overseas... More>>

MBIE: 36th America’s Cup Post-event Reports Released

Post-event reporting on the 36th America’s Cup (AC36) has been released today. The reports cover the delivery of the event by Crown, Council and America’s Cup Event Limited, economic impacts for Auckland and New Zealand, and delivery of critical infrastructure... More>>

Fonterra: Farmer Feedback Set To Shape Revised Capital Structure Proposal

With the first phase of Fonterra’s capital structure consultation now complete, the Co-op is drawing up a revised proposal that aims to reflect farmers’ views. A number of changes are being considered to the preferred option initially put forward in the Consultation Booklet in May... More>>

Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>