Ann: HALFYR: NTH: Profit Uplift for Northland Por

• Release Date: 26/02/13 13:39
• Summary: HALFYR: NTH: Profit Uplift for Northland Port
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NTH
26/02/2013 11:39
HALFYR

REL: 1139 HRS Northland Port Corporation (NZ) Limited (NS)

HALFYR: NTH: Profit Uplift for Northland Port

Northland Port Corporation (NZ) Ltd today reported a net surplus of $3.672
million for the 6 month period to 31 December 2012 as compared with $3.196
million for the corresponding period in the previous year, representing an
increase of just on 15%.  Commenting on the result, Chairman, Sir John
Goulter said the improved result was largely due to further growth
experienced in export log volumes handled by associate company Northport Ltd.
He went on to say that all other areas of the Group had also performed ahead
of budget for the period under review.

Overall cargo volumes were up 11.25% to 1.542 million tonnes for the 6 months
with log throughput reaching 1.137 million tonnes. The significant increase
in cargo volumes has continued to place considerable pressure on existing
storage capacity at the port.  This has accelerated Northport's plans to pave
a further area of 3ha and this project is expected to be completed by the end
of the financial year.

Northland Port is currently working with a number of parties that have
expressed recent interest in establishing business operations within its
industrial sub-division.  The Company expects to be in a position to provide
positive updates on these prospects later in the year and is continuing to
give considerable effort to identifying and capturing further such
opportunities.

Construction is expected to commence shortly on a new office building at
Marsden Point, part of which will be occupied by the company's small
management team. Interest from other prospective tenants has also been
received in respect of this building.  Commenting on the project, Sir John
said that the building's prominent location would significantly enhance the
Company's profile in the area, in turn leading to a potential increase in the
level of leasehold enquiries for its commercial estate.

With seasonal factors taken into account, it is anticipated that total annual
cargo throughput at Northport for all trades will surpass 3.0 million tonnes
this year (2011/12 - 2.728m tonnes) which is marginally ahead of that
previously signalled.  Assuming this projected volume is reached, a further
uplift in the overall profitability of the Group can reasonably be expected.

DIVIDEND
A fully imputed interim dividend of 4.5 cents per share (2012 - 3.5
cents/share) will be paid on 22 March 2013.

Sir John Goulter  KNZM,  JP
Chairman
26 February 2013

For more information please contact:
Graham Wallace
Chief Executive
 (09) 432 7378
 (027) 476 1037
End CA:00233448 For:NTH    Type:HALFYR     Time:2013-02-26 11:39:22