Centreport Dividend After Quake Bounce Back

29 June 2018

MEDIA RELEASE

CentrePort has announced a $2m interim dividend reflecting the company’s bounce back from the impact of the 2016 Kaikoura earthquake.

Due to capital requirements to build resilience into the Port, shareholders (Greater Wellington Regional Council and Horizons Regional Council) did not receive a dividend in the 2017 Financial Year.

Chairman Lachie Johnstone says the dividend payment is the result of CentrePort returning to pre-earthquake levels of performance in most business units.

“The business is operating strongly with volumes of logs, cars and petroleum at or surpassing pre-quake numbers, and well on the way back in container volumes. We’ve also experienced a bumper cruise ship season.

“Our people have done a tremendous job in the quake response and ongoing remedial work while getting on with ‘business as usual’. I also acknowledge the support of our shareholders through a challenging period,” Johnstone said.

Chief Executive Derek Nind says customers, contractors and other partners have played critical roles in the bounce-back.

“Our customers showed patience while we dealt with significant challenges including the two ship-to-shore cranes being out of action for ten months.

“Contractors and partners such as those involved in our regional CentreRail strategic partnerships have helped get us get back into a position to pay a dividend.

“While there are ongoing challenges, CentrePort is looking to the future with confidence.

"We are working on a regeneration plan to ensure the Port continues to support the central New Zealand region’s growth and prosperity,” Nind said.

ENDS

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