MMH
26/08/2015 09:33
FLLYR
PRICE SENSITIVE
REL: 0933 HRS Marsden Maritime Holdings Limited (NS)
FLLYR: MMH: Marsden Maritime Holdings Posts $8.4 million Net Surplus
Marsden Point, Northland - Marsden Maritime Holdings Ltd (NZX MMH) announced
today a net surplus of $8.390 million for the year ended 30 June, 2015, up
slightly on the previous year's result of $8.334 million.
Chairman, Sir John Goulter, said the Company's result was underpinned by the
strong financial performance of its investment in Northport Limited. The port
handled 2,460,000 tonnes of logs during the year (essentially unchanged from
the previous year), although overall cargo volumes were down by approximately
3% at 3,183,000 tonnes.
"Northport was able to post improved earnings, mainly as a result of an
increase in storage revenues from higher volumes of cargo stored on-port
throughout the year, despite the reduction in overall cargo throughput," he
said.
Marsden Maritime CEO, Graham Wallace, noted that the Company had also
achieved a substantial lift in occupancy levels at the Marsden Cove marina
and commercial complex it purchased a year ago.
"Overall performance to date is in line with our initial projections and we
are confident of achieving further growth, boosted by our plans to install a
new and innovative vessel haul-out facility at the marina," said Mr Wallace.
"We have also achieved an improved performance from our property holdings by
securing additional industrial tenancies, although this has been partially
offset by a significant drop in farming revenues. We are entering an exciting
development phase in our industrial subdivision with the construction of a
large bulk warehouse to commence shortly. On completion in the first quarter
of 2016, it will be leased to a major international bulk commodities trading
entity and will generate additional cargo flows through Northport.
We are confident of securing further leasehold agreements within our
industrial estate shortly. Northport's announcement in April of a container
crane purchase has already generated considerable interest in this regard.
We believe these sort of results are positive steps towards achieving the
Company's strategic goal of being the economic development hub of the Greater
Marsden Point area and becoming a catalyst for growth and job opportunities
in Northland," he added.
Contrasting the positive outlook for its industrial estate, the Company has
recognised a $10 million write down in the carrying value of its farm land
holdings. Mr Wallace explained that "this is simply reflective of the amount
of undeveloped industrial and commercially zoned land now on the market
locally. It has not impacted upon our industrial development block as its
value continues to be underpinned by its prime location immediately adjacent
to the port."
The Company will pay a fully imputed final dividend of 6.75 cents per share
on 18 September. This is up by 0.5 cents per share compared to the final
dividend paid last year and brings the total dividend distribution for the
year to 12.00 cents per share, up 0.75 cents per share (6.7%) from 2014.
ENDS
For further information:
Graham Wallace,
Marsden Maritime Holdings Limited
Phone: 09 432 5051 or 027 476 1037
Email: [email protected]
End CA:00269081 For:MMH Type:FLLYR Time:2015-08-26 09:33:08
