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Centreport Reaches Settlement on Commercial Properties
Monday, 08 October 2018 10:31

CentrePort and its insurance partners have reached a final settlement on its commercial properties claim including the earthquake-damaged former BNZ building which has been earmarked for demolition.

The commercial properties claim has been settled for $170 million. This covers a lump sum settlement for the former BNZ building, Statistics House and Shed 35, and repairs to Customhouse, Shed 39 and other sundry properties.

The commercial properties claim is separate from the Port infrastructure claim which CentrePort is continuing to work on with its insurers.

The former BNZ building was badly damaged in the 14 November 2016 Kaikoura earthquake and has remained vacant since then. The BNZ terminated its lease on the building in March this year, having tenanted it since 2009.

“We appreciate the ongoing support of our insurers as we’ve recovered from the significant impact of the Kaikoura earthquake, which has reshaped our entire business,” CentrePort Chief Executive Derek Nind says.

“We plan to demolish the former BNZ building, based on the advice we have received as to its condition. This will allow us to advance the regeneration of our business and strengthen the land in and around Harbour Quays, while also maintaining the StraitNZ Bluebridge ferry service – a vital part of the Wellington Lifelines emergency capability.”

Mr Nind said the Harbour Quays land was an integral part of the port’s regeneration and resilience plans and would support its current growth trajectory.

“We need a larger footprint as we work through our regeneration plans and reconfigure our land and berth capability.”

CentrePort has previously demolished several earthquake-affected buildings on its land, including Statistics House, Shed 35, Shed 37, the Dimond building, the MSC building and the former NZ Rugby Union building.

Mr Nind says the decision on the former BNZ Building brings closure on a difficult time in the port’s history, while opening a new chapter for its future.

 
Record Cargo Volumes Boost CentrePort Profit
Friday, 28 September 2018 13:56
Strong cargo volumes have helped drive up CentrePort’s underlying profit for the 2017/18 financial year.

CentrePort recorded an underlying net profit after tax and before fair value and earthquake impact adjustments of $11.8m, a 37 percent increase from $8.6m the previous year.

Strong trade volumes saw revenue increase by 16 percent from $63.7m to $73.8m.

CentrePort achieved these increases despite ongoing operational constraints as a result of the 2016 Kaikoura earthquake. These included the two ship-to-shore cranes being out of action for first two-a-half months of the financial year, and significant ongoing remediation and repair work.

The port achieved several record cargo volumes. Log volumes continued to grow, up 23 percent with 1.34 million JAS* exported - the largest amount moved by the port in a single year.

Vehicle volumes hit a new high of 28,099 units while for the first time CentrePort achieved back-to-back handling of one million tonnes of petroleum in successive years. Container volumes rebounded strongly, up 64 percent as exporters/importers and shipping lines returned following the quake disruptions.

Chairman Lachie Johnstone said the result shows the business is recovering strongly from the impacts of the Kaikoura earthquake.

A dividend of $2m to shareholders was announced in June, the first since 2016 due to capital requirements as a result of the quake the previous year.

“The strategies put in place to get the business up to speed have worked. While remediation and repairs continue, operationally the port is in most instances exceeding pre-quake levels. CentrePort is back in growth mode,” he said.

Chief Executive Derek Nind said the result is reward for a year of hard work by staff and contractors.

*JAS – Japanese Agricultural Standard – the global industry standard measurement of log volume. 1 JAS is approximately 1 tonne.

 
CentrePort Dividend After Quake Bounce Back
Friday, 29 June 2018 09:00

CentrePort has announced a $2m interim dividend reflecting the company’s bounce back from the impact of the 2016 Kaikoura earthquake.

Due to capital requirements to build resilience into the Port, shareholders (Greater Wellington Regional Council and Horizons Regional Council) did not receive a dividend in the 2017 Financial Year.

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CENTREPORT HALF-YEAR RESULT SHOWS STRONG RECOVERY
Wednesday, 28 February 2018 07:50

CentrePort has achieved net profit after tax of $4.9 million for the six months to 31 December 2017.

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CentrePort Invests in Regeneration of Port
Thursday, 12 October 2017 14:00

CentrePort’s underlying profit before earthquake-related income, fair value adjustments and tax was $10.8 million for the 2016/17 financial year, up from $5.4 million for the six months ending 31 December 2016.

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