Northland Port lifts earnings 5.5% on log exports

Northland Port lifts earnings 5.5% on log exports

By Paul McBeth

Feb. 16 (BusinessDesk) – Northland Port Corp., which operates the Marsden Point port and has holdings in the surrounding land area, lifted first-half profit 5.5% on increased log export volumes.

The Whangarei-based company made $2.2 million, or 5.12 cents a share, in the six months ended Dec. 31, up from $2.1 million, or 4.42 cents, a year earlier. Revenue rose 15% to $3.1 million as the port operation, which accounts for most of the company’s earnings, recorded bigger volumes of log exports. Northland Port boosted its trading surplus 14% to $2 million.

“It is pleasing to note Northport’s continuing growth in profitability with the six month period under review again showing above-budget earnings,” chairman Geoff Vazey said in his report. “Cargo volumes were ahead of budget and are expected to remain ahead for the second six months of the year.”

Northport operates the Marsden Point cargo terminal, and is jointly owned by Northland Port and Port of Tauranga Ltd.

Vazey said the coolstore unit and stevedoring service are expected to get close to budgeted forecasts in the second half of the financial year, though the company’s pessimistic about attracting tenants for its industrial land holdings.

Northland Port shares were unchanged at $1.67 today, and have gained 1.2% this year.

(BusinessDesk)

© Scoop Media