Lyttelton Port announces $17.2m profit

ALAN WOOD
Last updated 16:10 29/08/2012

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Lyttelton Port of Christchurch today reported a reduced annual net profit of $17.2 million, and record volumes of containers and coal in the 12 months to June 30.

The bottomline was down from $24.1 million reported in the June 2011 year.

The port said when the result was adjusted, to include earthquake effects such as additional costs and insurance proceeds, the 2012 profit improved to $17m up from $12.1m in the year to June 30 2011.

In the 2012 year the port company processed record volumes of containers and coal, and increases in almost every other form of cargo.

This was despite a difficult operational environment resulting from on-going temporary post-quake repairs, the company said.

''Imports are also continuing to grow as the port provides an efficient conduit for goods destined for the rebuild of Christchurch.''

LPC chairman Rodger Fisher said the earthquake-adjusted profit after tax of $17.0 million for the year ended 30 June 2012 was up 40 per cent from last year's result of $12.1 million.

"This after-tax outcome continues to reflect the strength of the company's business fundamentals as well as strong business growth," Fisher said.

The port's 2012 operating revenues totalled $104.5m, 14.1 per cent from $91.6m in the previous year.The spend to June, 30 2012 on urgent temporary repairs required as a result of earthquakes totalled $15.2 million.

There were no further writedowns of earthquake-damaged port assets in the current year.

Taxation expense in the current year returned to normal levels, compared to the tax impact in the previous year, which included the assets written off or de-recognised.

Chief executive Peter Davie said in the 2012 financial year the port handled record volumes through the container terminal, plus other cargoes continued to grow throughout the region during this new seismic era.

''This reflects well on the strong regional economy," Davie said.

"New shipping services contributed to the container growth and we are seeing year-on-year growth in export, import and tranship services."

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- The Press

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