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Port Nelson reports a positive result for 2012/13 year

27 September 2013

Port Nelson reports a positive result for 2012/13 year

Port Nelson Limited (PNL) has reported a positive result for the 2012/13 year with earnings before interest and tax of $12.1 million and an overall net profit after tax of $7.1 million.

PNL Chairman Nick Patterson reported to shareholders at the company’s AGM today (subs 27 September) that the Port had kept its expenses within budgeted levels despite operating in a challenging environment.

“The high value of the NZ dollar against the Japanese yen and overseas markets continue to be challenging,” said Mr Patterson. “However it is worth noting that after taking into account the five-yearly revaluation of our assets this year, total non-current tangible assets now sit at $190.5 million compared with $104 million in 2004.”

“In the same period the total amount paid back to our shareholders by way of annual dividends, special dividends and a $25 million share buy back in 2007 has amounted to more than $79 million. At an average of just under $8 million per annum over that ten year period, that is a further clear indicator of the value that this business delivers to it’s shareholders and the residents of our region.”

PNL cargo volumes through the Port were in line with budgeted expectations with log and fuel movements very close to 2011/12 levels. Apple exports were up on the previous year, continuing the positive trend from the 2012 season. Wine volumes also continued to increase both generally and in terms of volumes handled by PNL’s Quaypack operation.

Mr Patterson was pleased to report that PNL had retained visits from existing container vessels and had welcomed its first cruise vessel visit for some years.

“We are approaching the current year with a sense of cautious optimism based on a solid performance in 2012-13,” he said.

Highlights of the Directors’ Report to shareholders are:
• Revenue up to $39.6 million (compared with $38.8 million in 2011-12)
• Earnings before interest and tax of $12.1 million (approximately $1 million ahead of budget)
• Overall net profit after tax of $7.1 million
• Current non-tangible assets of $190.5 million
• Total cargo for 2012/13 was 2.6 million tonnes, in line with budgeted expectations and down very slightly on the previous year.
• Apple export volumes were up on 2011/12 year
• Container volumes at 83,380 TEU (Twenty-foot Equivalent Unit) were slightly down on 2011/12 figures but this was expected due to those figures representing a record figure for PNL.

Mr Patterson thanked the PNL management team and staff for their efforts over the last year, and voiced his appreciation to importers, exporters and shipping lines for their continued custom.


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