Horizons welcomes strong CentrePort half year results

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Thursday 2 March, 2017

Horizons welcomes strong CentrePort half year results

Horizons Regional Council has welcomed CentrePort’s half-year results, which were strong despite the impact of the Kaikoura earthquake on operations.

The Port reported net underlying profit after tax (before earthquake provisions and fair value adjustments) of $8.8 million for the six months to December 2016. After earthquake provisions and fair value adjustments to property, the result is a loss of $35.7 million, with Port land also written down by $50 million in value.

Horizons Regional Council chairman Bruce Gordon says the strong results reflected the hard work of CentrePort’s staff, which allowed the Port’s key operations to resume within 48 hours of the Kaikoura earthquake.

“It was great to see how quickly the Port got back up and running, particularly in terms of log shipping,” he says.

“We are being regularly updated on engineering works and conversations with insurers, and are excited to see the Port now looking beyond recovery works and exploring how to build resilience into the Port. We remain committed to helping the Port recover and be more robust in the future as it is a vital asset for our regional economy.

“Well done to CentrePort’s staff and management team for their hard work. We look forward to hearing about future initiatives to ensure the business reaches its full potential as an infrastructure asset for central New Zealand.”

Horizons Regional Council has a 23.6 percent share in the Port, which it jointly owns with Greater Wellington Regional Council.

ENDS

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