South Port lifts profit forecast

Bluff's South Port has upgraded its forecast profit by 9 per cent to nearly $6 million after achieving record annual tonnages of cargo through the country's southern-most port.

The company said today it had achieved tonnage for the year to the end of June of 2.69 million tonnes.

The previous record of 2.64 million tonnes, the year before, had been beaten by approximately 50,000 tonnes.

The directors of South Port said subject to the year-end audit, ''the 2012 profit figure is now expected to be in the range of $5.80m to $6.0m''.

The previous forecast range issued in February this year was $5.2m to $5.5m.

South Port chairman, Rex Chapman, said the port had more activity in both the containerised and bulk cargo areas during the last quarter of the financial year.

The lift in profitability was primarily due to increased volumes of woodchips, fertiliser, petroleum and stock food cargo passing through South Port.

Also included in the forecast 2012 profit figure is a one-off gain of $270,000 from the sale of a surplus mobile container crane.

The final year-end result will be released on August 23.

- © Fairfax NZ News