Ann: FLLYR: MMH: Marsden Maritime Holdings Posts $8.3m Surplus

• Release Date: 29/08/14 15:33
• Summary: FLLYR: MMH: Marsden Maritime Holdings Posts $8.3m Surplus
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					MMH
29/08/2014 15:33
FLLYR

REL: 1533 HRS Marsden Maritime Holdings Limited (NS)

FLLYR: MMH: Marsden Maritime Holdings Posts $8.3m Surplus

MARSDEN POINT, Northland - Marsden Maritime Holdings Ltd (NZX:MMH), formerly
Northland Port Corporation (NZ) Ltd, today announced that it recorded a net
surplus of $8.334 million for the year ended 30 June 2014, up 23.7 percent on
the previous year's result of $6.735m.

The result included gains of $872,000 stemming from the sale during the year
of the group's previous holdings in North Port Coolstores (1989) Ltd and
Northland Stevedoring Services. These gains were partly offset by the
respective downward revaluation of its investment property and Fonterra
shareholding, together totalling $492,000.

MMH's trading surplus, which excludes the above two major items, lifted from
$7.254 million to $7.972 million; an increase of 9.9 percent on a
like-for-like basis.

MMH chief executive Graham Wallace said the Group's improved trading result
had been assisted by a lift in earnings derived from its 50 percent
stakeholding in Northport Ltd, where a record cargo throughput of 3,282,000
tonnes was handled during the period - up six percent on the prior year. The
volume of logs handled during the year was 2,459,000 tonnes, a marginal
increase on the 2,422,000 tonnes in the previous year.

In what Wallace describes as a positive development, an increased variety of
other goods crossed the wharf at Northport during the year with non-forestry
cargos increasing by over 64 percent to 334,000 tonnes. Processed forestry
products throughput totalled 489,000 tonnes, representing a slight increase
on the corresponding prior year period.

A lift in underlying earnings of approximately $215,000 from the group's
property segment had also contributed to the improved trading result.

Eastland Port's log debarking facility on MMH land adjacent to Northport was
completed and commissioned during the year. This is providing a valuable
service to log exporters and has already stimulated further leasehold
enquiry.

A significant land preparation programme has been completed and an area of
some 4.5 hectares, close to MMH's boundary with Northport, is now ready to be
built on. Wallace says that MMH continues to work closely with several
organisations who are exploring the potential for establishing operations on
its port adjacent land holdings.

In July, MMH finalised its acquisition of freehold title to the neighbouring
230-berth Marsden Cove Marina and 1.7 hectares of land and infrastructure,
including 1,100 square metres of high quality, well positioned commercial and
retail space. The acquisition has been successfully integrated into the
company's operations. Wallace described the marina as an important gateway to
the adjacent MMH land and said that a range of new marine service businesses
envisioned for the facility had the potential to stimulate new demand for the
land from a range of downstream service and retail providers.

The company will pay a fully imputed final dividend of 6.25 cents per share
on 19 September, up three-quarters of a cent from the same time a year ago,
bringing the total dividend distribution for the year to 11.25 cents per
share, up 1.25 cents per share, or 12.5 percent, from 2013.

ENDS

Issued by:
Graham Wallace
Chief Executive
09-4327378 / 027-476 1037 / [email protected]
End CA:00254613 For:MMH    Type:FLLYR      Time:2014-08-29 15:33:31