17% rise in after tax surplus for CentrePort Wgtn.

Media release
13/4/2005

17% rise in after tax surplus for CentrePort Wellington - six monthly result

CentrePort Wellington’s after-tax surplus rose by 17% to $3.1 million for the half year to 31 December 2004, compared to the same period in 2003, with directors approving an interim dividend of $1.8 million.

The strong performance was led by a 23% year-on-year increase in container volumes with petroleum, cement and imported vehicles all experiencing growth.

“CentrePort Wellington’s six-month result shows strong foundations have been laid. This is only the beginning – we are confident of achieving future economic growth by adopting an integrated logistics approach,” said Chairman Nigel Gould.

Over the period, borrowings increased by $6.25 million mainly due to developments within the company’s Business Park.

Total revenue for the six months was $22.7 million compared to $20 million in December 31 2003.

At the end of 2003, CentrePort Wellington adopted a business strategy of growing revenue through an integrated logistics approach to port facilities, services and property interests and appointed a new CEO, Liz Ward, to drive this policy through.

“CentrePort Wellington has consolidated its reputation as a port of choice for many central New Zealand importers and exporters with three major shipping lines all experiencing recent growth” said Mr Gould.

“The initial developments in CentrePort Wellington’s 6.5 hectare Commercial Business Park will be completed later this year. While we welcome the extra value this will contribute, our primary focus remains on growing and investing in traditional port services and providing enhanced services to our customers.”

ENDS

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