South Port predicts lower profit
South Port's record after-tax profit dominated discussion at the company's general meeting yesterday.
As reported in August, South Port generated a record after-tax profit of $6.5 million in the past financial year, despite a decrease in the amount of cargo handled.
During the meeting, chief executive Mark O'Connor said most of the decrease in cargo could be attributed to lower levels of activity at the Tiwai Pt aluminium smelter. The first few months of the present financial year had been slower and a slightly lower level of tax paid profit was predicted.
Shareholders then re-elected Philip Cory-Wright and Graham Heenan to the company's board of directors for a further three-year term.
Also at the meeting, Environment Southland councillor Jan Riddell asked if the company was confident that it had appropriate systems to deal with biosecurity risks, including those associated with the import of palm kernel expeller (PKE). Biosecurity concerns were raised earlier this year when animal remains were uncovered in a shipment of PKE at a Bay of Plenty farm.
However, Mr O'Connor said he was confident that South Port was meeting all biosecurity obligations required by the Ministry of Primary Industries.
The company also worked with Environment Southland and importers to the port to minimise any environmental impact, he said.
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