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Strong result Provides platform for further growth

Strong result Provides platform for further growth

CentrePort posted a net profit after tax of $14 million for the year to 30 June 2015, a turnaround from last year’s earthquake affected loss.

Key features of the result were a 4.4% increase in earnings before interest and tax, the highest in the last five years. Port revenue was up 9% to $66 million. Container trade also increased, up 13% to 107,407 TEU (twenty-foot equivalent units) and log trade increased 8% to 875,028 JAS (Japanese Agricultural Standard).

Chairman Warren Larsen said the result represents a 7.1% return on equity, contributing to an increase in shareholders’ funds of $6.8 million after dividend payments. The Board declared a partially imputed dividend of $6.3 million to its shareholders (Greater Wellington Regional Council and Horizons Regional Council.)

“The Board is very pleased with the result and looks forward to the on-going growth of the business,” Mr Larsen said.

Chief Executive Blair O’Keeffe said the company had invested heavily to extend the port’s reach into the hinterland. Our investments are focused on bringing central New Zealand closer to the world through increased hub and transport services and partnerships with local business in the region.

“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.”

Other investments this year included completion of a new container terminal in Whanganui, which was recently officially opened by the Minister of Transport.

“During the year, we also welcomed an additional international container service and invested in further log facilities to meet the strong forecast growth in this sector.”

CentrePort also announced plans to deepen the shipping channel in Wellington’s harbour to accommodate bigger ships and ensure on-going direct access to international markets for central New Zealand importers and exporters.

Summary Results
2015 $0002014 $000
Revenue69,79465,925
EBIT22,77221,813
Underlying NPAT14,1352,725*
Reported NPAT14,021(1,880)*

*earthquake affected

ENDS

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