Port Achieves Record Volumes

29 August 2012

NZX Release

LPC Result For Year Ended 30 June 2012

Port Achieves Record Volumes

Lyttelton Port of Christchurch has again stepped up to demonstrate its vital role in the economic growth of Canterbury.

During the 2012 year, the Company achieved an outstanding result, with record volumes of containers and coal, and increases in almost every other form of cargo—despite a difficult operational environment resulting from on-going temporary post-quake repairs. Imports are also continuing to grow as the Port provides an efficient conduit for goods destined for the rebuild of Christchurch.

“Sincere thanks go to our customers and business partners for their on-going and unwavering support,” said LPC Chairman Rodger Fisher.

“We also owe our highly successful year to the resilience and commitment of our dedicated, hardworking people, as well as our contractors, for their superb performance during the 2012 year.”

Financial Results

The Company delivered an extremely pleasing financial result with an earthquake-adjusted profit after tax of $17.0 million for the year ended 30 June 2012. This is an increase of 40% compared with last year’s result of $12.1 million.

“This after-tax outcome continues to reflect the strength of the Company’s business fundamentals as well as strong business growth,” Mr Fisher said.

The statutory consolidated result, which includes earthquake effects such as additional costs, insurance proceeds and revenues lost, is an after-tax profit of $17.2 million. A reconciliation between the reported profit after tax for the year ended 30 June 2012 and the earthquake-adjusted profit is provided in the table below.

See the full release: NZX_Release_LPC_Result_for_Year_End_30_June_2012_29_August_2012.pdf

ENDS

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