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Strong Recovery for CentrePort
Strong Recovery for CentrePort
Tuesday, 30 September 2014 12:44

A 17% increase in port revenue contributed to an underlying net profit after tax of $11.8 million for CentrePort for the year to 30 June 2014.

After earthquake related costs, fair value adjustments and tax commitments, the result for the year is a net deficit of $1.9 million.

The July and August 2013 Seddon earthquakes caused damage to a seawall, wharf piles, paving and property. Repairs are well advanced with the costs ($17.1m) recognised in the 2014 financial results.

Chairman Warren Larsen said the underlying performance is particularly encouraging given the array of challenges that the port had overcome, and said that the company remained focused on the future with good progress in developing new business in line with the company strategy.

A number of key factors have driven CentrePort’s trade growth, including:

  • a 5% increase in container trade
  • the announcement of a new container shipping service
  • a 46% increase in log ship calls and 22% increase in volume
  • growing project cargo and vehicle imports, with a 16% increase in ship calls and 29% increase in vehicles
  • maintaining an industry leading crane rate productivity

 

Chief Executive Blair O’Keeffe said “We have a clear strategy to grow our cargo base. Central New Zealand needs a high productivity port able to handle bigger ships, supported by timely and cost effective transport solutions”.

“CentrePort has made the necessary investments in port assets and infrastructure. In the past 12 months, we have also invested in transport solutions”.

“We have done this by creating inland hubs and daily cost effective rail services across central New Zealand. Our new CentreRail service includes hubs in New Plymouth, Palmerston North, Whanganui and Blenheim”.

“In the coming year we will progress work on bigger ships.” 

CENTREPORT Year to 30 June 2014

2014 ($M)

2013 ($M)

Revenue

65.9

57.2

Underlying net profit after tax

(before earthquake costs & fair value adjustments)

11.8

11.7

Net surplus/(deficit) for the year

(after earthquake costs, fair value adjustments and tax)

(1.9)

18.2

 

ENDS

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