Shares in Northland Port jumped today after the firm reported a 61 per cent increase in full year profit, buoyed by increased log exports and property valuation gains.
The company's net profit for the 12 months to June 30 rose to $7.6 million from $4.7 in the previous year.
Its shares rose 5.3 per cent to $2 on the news - matching a three-year high.
The bulk of the profit came from a $1.51m gain in the value of its investment property portfolio. The company is a major owner of the industrially zoned land surrounding its port facilities.
Chairman Colin Mitten said enhancing the value of the firm's land bank had been a priority for the port, and resulted in two major tenancies being secured during the year.
Stripping out property valuation gains, profit rose by 30 per cent on a year ago.
The improvement in operating profits was due to strong growth in cargo through Northport Limited, where log exports increased by 25 per cent to 1.95 million tonnes, with an overall trade of 2.7m tonnes.
Total revenue for the year was $8.2 million, up from $6.7m a year ago. Cost increases were largely contained at $2.2m, up 2.3 per cent on the previous year.
At the port's other associated companies, North Port Coolstores returned to full profitability now that last year's tax depreciate changes have worked through the system, while the performance of Northland Stevedoring Services was "satisfactory", the company said.
Mitten said he expects to see cargo volumes continue to increase in the year ahead with total volumes for the 2012- 2013 year forecast to reach 2.9m tonnes.
A fully imputed final dividend of 5 cents per share was declared, taking the total payout to shareholders for the year to 8.5c, up 2.5c on a year ago.
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