Centreport Delivers Solid Results And Growth Plans

Centreport Delivers Solid Results And Growth Plans
3 October 2013

CentrePort achieved an underlying net profit after tax of $11.7 million for the year to 30 June 2013. This compared to $9.3 million the previous year.

Port revenue was stable at $52.1 million, while property revenue of $5.1 million was down from $6.5 million last year.

After $6.5 million of fair value adjustments to financial instruments and investment properties, net profit after tax increased to $18.2 million.

Chairman Warren Larsen says the Board is pleased with the results and the company’s progress towards becoming the trade and transport hub for central New Zealand.

Though outside the reporting period, Mr Larsen said the port had successfully continued operating after both the 6.5 and 6.6 magnitude earthquakes that struck central New Zealand on 21 July and 16 August 2013, respectively.

“The port resumed operations immediately after both quakes, and although there was damage to some property, there was no disruption to port business,” he said.

Chief Executive Blair O’Keeffe said the company had continued to invest in new services and key building blocks for the growth of the company and regional economy, including:
• launching CentreRail – a daily rail service for importers and exporters in the lower North Island and upper South Island
• delivering New Zealand’s highest crane rate productivity for the last two quarters
• acquiring a new tug to support bigger ships arriving at the port
• creating more on-port space for the rapidly growing log sector
• adding a second cruise ship berth
“We’re focussed on attracting more customers in central New Zealand, by moving the port gate closer to them, and making it quicker and less costly to get their goods to market. By extending our freight runway into the hinterland, we’re ready to play our role as New Zealand’s central trade and transport hub.”

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