Strong cargo volumes have helped drive up New Zealand’s CentrePort’s underlying profit for the 2017/18 financial year.
The port saw an underlying net profit after tax and before fair value and earthquake impact adjustments of NZD 11.8m (USD 7.8m), a 37 percent increase from NZD 8.6m the previous year.
In addition, revenue increased by 16 percent from NZD 63.7m recorded last year to NZD 73.8m posted in 2017/18.
As explained, CentrePort achieved these increases despite ongoing operational constraints as a result of the 2016 Kaikoura earthquake. These included the two ship-to-shore cranes being out of action for first two-a-half months of the financial year, and significant ongoing remediation and repair work.
The port achieved several record cargo volumes. Log volumes continued to grow, up 23 percent with 1.34 million Japanese Agricultural Standard (JAS) exported – the largest amount moved by the port in a single year.
Vehicle volumes hit a new high of 28,099 units while for the first time CentrePort achieved back-to-back handling of one million tons of petroleum in successive years.
Container volumes rebounded strongly, up 64 percent as exporters/importers and shipping lines returned following the quake disruptions.
Chairman Lachie Johnstone said the result shows the business is recovering strongly from the impacts of the Kaikoura earthquake.
“The strategies put in place to get the business up to speed have worked. While remediation and repairs continue, operationally the port is in most instances exceeding pre-quake levels. CentrePort is back in growth mode,” he said.