Media Release
Embargoed until after the Port Nelson Ltd AGM
(ie until noon Friday 29th September)

The annual dividend to the two local councils from Port Nelson Ltd is $5.3million.

Chairman of Port Nelson Limited Nick Patterson said at the company's AGM today that it had been a positive year with consolidated profit at $6.9 million after tax, and revenue up on the previous year and significantly ahead of budget.

"The main factors behind the increased revenue were higher than expected cargo volumes, increased container vessel calls, the greater size of vessels calling at the port, and an increase in rents from port lessees due to increased property values."

Cargo volumes were below the record levels of 2005 but slightly ahead of budget at 2.522 million tonnes.

"Once again we had strong volumes of export logs," Mr Patterson said. "On a positive note, given the very tough export conditions, fruit volumes were encouraging, as was the slight increase in fish cargoes moved through the port."

The continued shift to containers for cargoes such as fish, fruit and sawn timber saw the number of containers handled exceed 60,000 TEU (Twenty Foot Equivalent Units) for the first time, at 61,455 for the full financial year.

The port company's annual report also notes that after the long term postponement of the big Main Wharf South extension, upgrades to existing facilities had been made to increase efficiencies in work practices. This included closing part of Graham Street and strengthening the log wharf Kingsford Quay.

On the environmental side the company is working towards ISO14001 accreditation, building on the gains made over the past 12 years by the Environmental Consultative Committee.

Sports, arts and community groups had benefited from significant sponsorship over the year, with the Port Nelson Masked Parade added to the company's major sponsored events.

Mr Patterson paid tribute to long serving Shipping Services Manager John Westbrooke who retired in April and to long serving director Bruce Hancox who resigned earlier in the year to move to Sydney.

ENDS

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