Ports of Auckland half-year profit up 70%

Record efficiency and volumes boost bottom line

HIGHLIGHTS

· Unaudited net profit after tax (NPAT) increased by 70% to $26.4m for the six months ended 31 December 2013, compared to $15.5m for the same period last year.

· An interim dividend of $20.94m will be paid to Auckland Council Investments Limited, for the benefit of ratepayers. This compares to a dividend of $11.56m for the same period last year.

· Port Operations EBIT was up 47.1% to $40.4m for the six months.

· Total container volumes for the six-month period were up 15.1% to 476,333 TEU, from 413,884 TEU in the same period last year.

· Full import containers were 19.9% higher and full exports 12.9% higher than the same period last year.

· Break-bulk (non-containerised, including vehicles) cargo volumes were up 41.9% to 2.87 million tonnes compared to 2.02 million tonnes in the same period last year.

· Car numbers were up 29.3% to 99,710 units, from 77,122 units in the same period last year.

· Port operating costs excluding depreciation were up 4.6% to $56.8m.

Ports of Auckland today announced a 70% increase in half-year profit, as rising productivity attracted more customers. Freight volumes lifted across the board, with a record number of containers handled in the six months to December 31.

Ports of Auckland CEO Tony Gibson said “Our productivity has gradually improved since we started restructuring in 2011. As we’ve delivered more of what our customers want, so they’ve rewarded us with more business. In effect the restructuring has enabled us to take advantage of an improving economy and Auckland’s continuing growth.”

Since 2011 Ports of Auckland has reorganised its management structure, improved container handling and its use of technology, and lifted labour utilisation, with 60 per cent of stevedores now working a flexible shift and roster system.

“Looking ahead, we are focussing on developing our leaders, increasing opportunities for women, particularly in operational and management roles, and investing in the training required to prepare our people for the future,” he added.

“2014 has started well, with volumes holding up across all areas, and as a result we recently announced new investment to support on-going growth: a larger new tug to handle bigger ships, and two new straddle carriers to cope with the rising container numbers.”

ENDS

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