Lyttelton Port Experiences Strong Volume Growth

MEDIA RELEASE

Lyttelton Port of Christchurch Experiences Strong Volume Growth

The Board of Lyttelton Port of Christchurch (LPC) met on Monday 20 December for its final meeting for 2010. The Directors wish to provide further detail to the market of the strong trading result for the first five months of the year, and provide an early update of the expected half year profit to 31 December 2010.

As advised at the Annual Meeting in October 2010 and again on 3 December 2010, the company has experienced a very strong start to the year with both Revenues and Net Profit after Tax for the first five months significantly ahead of the comparable period last year.

The company is experiencing strong growth in containers in the current year with volumes for the five months to November 2010 being 15% above the same period last year.

“LPC’s trading Net Profit after Tax for the five months to November 2010 of $5.0 million is a significant achievement in our current post-earthquake environment” stated LPC Chairman Rodger Fisher. “We expect the trading half year profit to 31 December 2010 to be in the region of $5.5 million to $6.2 million after offsetting recoverable earthquake related costs incurred to date. Last years’ NPAT to 31 December 2009 was $3.7 million.

We ask the market to note that this forecast does not currently reflect any impairment to Port assets. Due to accounting requirements in the recognition and timing of insurance proceeds and the related expenditure, the impact on the profit is extremely difficult to forecast at this time. Our half year financial statements will comply with International Financial Reporting Standards in this regard.”

Mr Fisher concluded “We will continue to keep the market informed.”

ENDS

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