LPC
29/08/2012 15:23
FLLYR
REL: 1523 HRS Lyttelton Port Company Limited (NS)
FLLYR: LPC: LPC Result for year ended 30 june 2012
NZX Release
LPC Result for year endED 30 june 2012
Port achieves record volumes
Lyttelton Port of Christchurch has again stepped up to demonstrate its vital
role in the economic growth of Canterbury.
During the 2012 year, the Company achieved an outstanding result, with record
volumes of containers and coal, and increases in almost every other form of
cargo--despite a difficult operational environment resulting from on-going
temporary post-quake repairs. Imports are also continuing to grow as the
Port provides an efficient conduit for goods destined for the rebuild of
Christchurch.
"Sincere thanks go to our customers and business partners for their on-going
and unwavering support," said LPC Chairman Rodger Fisher.
"We also owe our highly successful year to the resilience and commitment of
our dedicated, hardworking people, as well as our contractors, for their
superb performance during the 2012 year."
Financial Results
The Company delivered an extremely pleasing financial result with an
earthquake-adjusted profit after tax of $17.0 million for the year ended 30
June 2012. This is an increase of 40% compared with last year's result of
$12.1 million.
"This after-tax outcome continues to reflect the strength of the Company's
business fundamentals as well as strong business growth," Mr Fisher said.
The statutory consolidated result, which includes earthquake effects such as
additional costs, insurance proceeds and revenues lost, is an after-tax
profit of $17.2 million. A reconciliation between the reported profit after
tax for the year ended 30 June 2012 and the earthquake-adjusted profit is
provided in the table.
Operational Performance
"Despite severe earthquake damage, the Company has achieved the highest
profit in its history," LPC Chief Executive Peter Davie said. "This is a
testament to our staff, customers and business partners.
"In the financial year just finished, the Port handled record volumes through
the Container Terminal, plus other cargoes continued to grow throughout the
region during this new seismic era. This reflects well on the strong
regional economy," Mr Davie said.
"New shipping services contributed to the container growth and we are seeing
year-on-year growth in export, import and tranship services."
Increased Volumes
Container volumes surpassed the 300,000 TEU mark for the first time in the
Port's history, rising 15.6% to 336,182 TEUs, with containers moved through
the Container Terminal rising 16.8%. Coal exports rose 15.6% to just under
2.5 million tonnes. Dry bulk imports were up 17.4% on last year, a rise
driven by significant increases in fertiliser and cement. Log exports
continued to grow by 8.8% compared to the previous year.
Cruise ships are an important part of the Canterbury tourism mix. However,
with the earthquake damage to wharves, it was necessary to suspend cruise
ship services for the 2012 year.
Summary of the Year's Highlights
LPC's financial and operational highlights for the year include:
14.1% rise in operating revenues to $104.5 million
Statutory profit after tax of $17.2 million (last year $24.1 million)
40% rise in earthquake-adjusted profit after tax to $17.0 million
15.6% rise to 336,182 total TEU volumes, with 16.8% rise in Container
Terminal volumes to a record 316,689 TEUs
15.6% rise in coal exports to approximately 2.5 million tonnes
17.4% rise in dry bulk imports to 584,164 tonnes, driven by significant
increases in fertiliser and cement
8.8% increase in log exports to 282,382 tonnes
Strong performance in new vehicle imports
During the year, the Te Awaparahi Bay Reclamation, to the east of Cashin
Quay, grew to 2.7 hectares. At a time when the Port is squeezed for paved and
hardstand areas, the reclamation is already providing valuable storage space
for imported vehicles.
The rail siding at CityDepot, our inland port at Woolston, was completed in
October 2011 and is accommodating additional rail wagons, with a resulting
increase in volumes and productivity, and enhanced customer service.
During the year, staff and contractors carried out extensive temporary
post-quake repairs across the Port and CityDepot to enable the continuation
of operations while the long-term remediation is planned. At Cashin Quay,
significant temporary on-wharf and under-wharf repairs kept the coal
conveyors and shiploader operating, which enabled continued service to our
long-standing customers.
End CA:00226622 For:LPC Type:FLLYR Time:2012-08-29 15:23:39
