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- Release Date: 24/02/12 14:42
- Summary: HALFYR: NTH: NORTHLAND PORT DECLARES IMPROVED SURPLUS
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NTH
24/02/2012 12:42
HALFYR
REL: 1242 HRS Northland Port Corporation (NZ) Limited (NS)
HALFYR: NTH: NORTHLAND PORT DECLARES IMPROVED SURPLUS
The tax paid surplus for the six months to 31 December 2011 was $3.196
million (7.74 cents/share) compared with the corresponding period last year
of $2.115 million (5.12 cents/share), an increase of 51%.
Commenting on the result Chairman, Colin Mitten advised that the main reason
for the increase in surplus was the improved trading result of associate
company, Northport Ltd which had experienced above budget results though all
group companies are ahead of budget.
As signaled at the Annual Meeting cargo volumes through the port continued at
above budget levels, and at approximately 1.40 million tonnes were 0.35
million tonnes ahead of those of the previous year. The main increase was in
log exports, however other cargoes also reflected volumes which were above
budget and ahead of the previous year. As expected log volumes did decrease
towards the end of the period but an above budget result for the year is
still projected.
With the high level of log throughput the port is leasing an area of
approximately 3 ha outside the port gate from Northland Port on a temporary
basis while additional log storage area is paved within the port area. This
work is now well underway with completion expected within the next three
months. Work is also progressing well on the new scaling and truck queuing
area located just outside the port gate which will improve traffic flow and
productivity. In addition a second entrance to the port has been established
to assist vehicle flow in this busy area.
Agreement was reached just prior to Christmas with a third party to construct
an additional storage shed adjacent to the existing sheds next to the port
entrance. The shed will be owned by Northland Port and leased on a long term
basis thereby attracting additional cargo to the port. Construction is due to
be completed by mid 2012.
An outline agreement has been reached with the Department of Conservation for
a long term lease of the seabed beneath the reclamation on terms which are
acceptable to the Company. It is pleasing to see this long standing matter
coming to an end..
Associate companies, North Port Coolstores and Northland Stevedoring Services
continue to trade profitably returning above budget results for the first
half of the year.
DIVIDEND
An interim dividend of 3.5 cents/share (2011 - 2.5 cents/share), fully
imputed will be paid on 9 March 2012.
ENDS
Colin Mitten
Chairman
Whangarei
24 February 2012
For further information please contact:
Jim Smillie
General Manager
(09) 438 1278
End CA:00219995 For:NTH Type:HALFYR Time:2012-02-24 12:42:01
