Northland Port profit rises 15 percent
Tue, 26 Feb 2013 2:26p.m.
Northland Port, the investment company that owns half of Northport, has reported a 15 percent increase in first-half profit on increased export log volumes across the wharves at Marsden Point.
Profit rose to $3.67 million in the six months ended December 31, from $3.2m a year earlier. Operating revenue rose 18 percent to $4.92m.
Northland Port is 54 percent owned by Northland Regional Council and about 20 percent by Ports of Auckland.
It owns 50 percent of Northport, with the remainder held by Port of Tauranga.
Northland Port's other interests include stevedoring, cool stores and 185 hectares of land at Marsden Point.
Total cargo volumes through the port rose 11 percent to 1.54m tonnes, of which logs accounted for 1.14m tonnes.
Rising volumes across the wharves are putting pressure on existing storage capacity, prompting the port to accelerate plans to pave a further 3ha of land.
Chairman Sir John Goulter said annual cargo throughput at Northport is forecast to rise above 3m tonnes from 2.7m tonnes a year earlier.
"Assuming this projected volume is reached, a further uplift in the overall profitability of the group can reasonably be expected," Sir John said.
The company will pay a first-half dividend of 4.5 cents, up from 3.5 cents a year earlier.
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