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- Release Date: 28/02/14 17:24
- Summary: HALFYR: NTH: NORTHLAND PORT CORPORATION REPORTS LIFT IN INTERIM EARNINGS
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NTH
28/02/2014 15:24
HALFYR
REL: 1524 HRS Northland Port Corporation (NZ) Limited (NS)
HALFYR: NTH: NORTHLAND PORT CORPORATION REPORTS LIFT IN INTERIM EARNINGS
Northland Port Corporation (NZ) Ltd today reported that the Group had
recorded a tax paid, Net Surplus of $3.806 million (9.22 cents/share) as
compared with $3.672 million for the corresponding period last year,
representing an increase of 3.7%.
Commenting today, Chairman Sir John Goulter highlighted the improvement in
underlying earnings which had seen the Trading Surplus for the interim period
lift by 8.8% to almost $4.0 million with all operational areas of the Group,
contributing to the improved result.
Sir John noted that "the overall result had however been impacted by a
non-cash, fair value write down of $0.170 million in respect of the Group's
shareholding in Fonterra with the quoted price for shares in the cooperative
having reduced by around $1.50 per share during the six month period".
For the six month period, overall cargo throughput reached 1.659 million
tonnes (2012 - 1.542 million tonnes) representing an increase of 7.6% on the
comparative prior period.
Current indications suggest that export log volumes through Northport will
continue at around existing levels for the foreseeable future whilst annual
cargo throughput for all trades is expected to exceed 3.2 million tonnes in
the current financial year (2012/13 - 3.095 million tonnes). A lift in the
underlying earnings of the Group for the full year is thus anticipated
presuming these volume forecasts are attained.
Sir John stated that "a number of initiatives undertaken during the past 18
months to increase storage capacity within the port terminal are already
realising operational efficiencies. Ongoing development will be required if
the facility is to accommodate anticipated future growth in cargo volumes.
It appears likely that this growth will ultimately necessitate the
construction of a fourth berth, consequently, initial design considerations
are now being reviewed".
As has been announced previously, subsequent to 31 December 2013, the Company
reached unconditional agreement to sell its 50% shareholding in North Port
Coolstores (1989) Ltd with the sale being treated as effective as from 1
February 2014.
Sir John also said that the Company's new office building had attracted
positive comment and it is helping to lift the overall profile of the
organisation in the Greater Marsden Point area".
A fully imputed interim dividend of 5 cents per share (2012/13 - 4.5
cents/share) will be paid on 21 March 2014.
ENDS
Sir John Goulter KNZM JP
CHAIRMAN
28 February 2014
For further information please contact:
Graham Wallace
Chief Executive
(027) 476 1037
End CA:00247668 For:NTH Type:HALFYR Time:2014-02-28 15:24:46
