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

 

CentrePort invests in regeneration of Port

12 OCTOBER, 2017


CentrePort invests in regeneration of Port

CentrePort’s underlying profit before earthquake-related income, fair value adjustments and tax was $10.8 million for the 2016/17 financial year, up from $5.4 million for the six months ending 31 December 2016.

The Port’s revenue for the year ended 30 June 2017 was $63.7 million. This is down on the $76.2 million for the previous year, but does not include $9.0 million in business interruption insurance income received following last November’s Kaikoura earthquake.

This performance was driven by strong growth in vehicles, cruise, fuel and log trades, which are up on last year by 32%, 12%, 7% and 5% respectively.

Profit after tax from continuing operations was $51.7 million, but CentrePort decided it was necessary to make a provision of $63.0 million to invest in resilience over the coming years. When combined with a $9.0 million increase in the value of Port land this has resulted in the company posting a $2.3 million loss.

In the past year, CentrePort received $173 million in insurance income, which helped fund the $28 million temporary works programme to allow a reinstatement of its two ship-to-shore cranes, which are now operational. Insurance income is expected to rise further as engineers and insurers complete their deliberations. Total material damage claims are estimated to be $350 million for the Port and in excess of $106 million for commercial properties.

CentrePort has increased the provision for write downs in the value of commercial properties to $32.0 million, up from $20.4 million for the six months ending 31 December 2016.

Chairman Lachie Johnstone said the Board was pleased by the financial results and the progress the company had made to recover from last year’s earthquake.

“These results show us investing in the Port’s resilience. They also show strong underlying performance.”

Chief executive Derek Nind says CentrePort had decided to account for the impact of the earthquake sooner rather than later.

“Our financial statements shows us facing up to the damage we’ve sustained, and investing to build our resilience in the future.

“We’re also seeing the benefits of being well insured, and expect these benefits to continue.

“We’re now focussed on completing temporary recovery works, and formulating plans for the long-term regeneration of the Port.”

The results for the 12 months ended 30 June 2017 follow.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>



Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>