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

 

Lyttelton Port pays bigger dividend to council owners

Lyttelton Port pays bigger dividend to council owners on return to profit

By Paul McBeth

Sept. 27 (BusinessDesk) - Lyttelton Port Co almost doubled its annual return to Christchurch City Holdings as growing freight demands across Canterbury helped boost cargo volumes through the South Island's major maritime hub.

The council-owned port operator declared dividends of $8 million for the 2017 financial year, which it pays to Christchurch City Council's investment arm, up from $4.2 million a year earlier and ahead of the $2 million flagged in its annual statement of intent. The company reported a net profit of $14.4 million in the 12 months ended June 30, turning from a loss of $59.8 million a year earlier when it recognised $99.5 million of impairment charges the year earlier. Operating earnings rose 53 percent to $13.9 million on an 8.2 percent gain in revenue to $114.4 million.

"The port has achieved record-breaking container volume in the year to June and a solid increase in profits," chief executive Peter Davie said in a statement. "We are in the enviable position of having the best balance of import and export containers of any port in the country and this produces efficiencies and cost savings for our customers."

Lyttelton Port embarked on a long-term redevelopment plan after the 2011 earthquakes, shifting its port operations on reclaimed land to the east, and is currently going through an appealed resource consent process to deepen the harbour's channel.

The port's container volumes rose 11 percent to 401,711 TEUs (20-foot equivalent units) in the year, while coal exports rose 9.6 percent to 1.18 million tonnes and bulk fuels imports were up 2.4 percent to 1.13 million tonnes. Log exports increased 2.1 percent to 477,190 tonnes.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>