Excellent Results Provide Platform for Further Growth

excellent RESULTs Provide PLATFORM FOR further growth

CentrePort is pleased to announce a net profit after tax of $17.9 million for the year to 30 June 2016, up $3.9 million on last year, resulting from a strong increase in trade and a positive earnings performance and property revaluation outcome.

Port revenue was up 10% to $73 million. Container trade was up 23% to 132,000 TEU (twenty-foot equivalent units), and log trade increased 19% to 1.04 million JAS (Japanese Agricultural Standard).

The results include net fair value gains of $3.4 million.

The result represents an 8.6% return on equity, contributing to an increase in shareholders’ funds of $11.1 million after dividend payments. The Board paid dividends of $6.8 million to its shareholders (Greater Wellington Regional Council and Horizons Regional Council), and has declared a final dividend of $ 0.7 million.

Bank borrowings were held steady at $102 million after capital expenditure of $12.3 million.

Retiring CentrePort Chairman, Warren Larsen said, “These are excellent results and totally consistent with the company strategy, with strong partnerships established and much valued customer support. The Board looks forward to continued profitable growth of the business.”

In the past year CentrePort have further expanded the hinterland network and have well developed plans in place to extend this still further.

“The company will continue to invest in both updating port infrastructure assets where required, and further developing regional strategic partnerships to create seamless road and rail connections from central New Zealand to our seaport,” said CentrePort Chief Executive, Derek Nind.

“Every day our CentreRail service, in partnership with KiwiRail, transports containers from across central New Zealand into Wellington, lowering cost and distance to market for importers and exporters in the region.”

CentrePort has further developed its plans for resource consent application to deepen the harbour shipping channel. This all tide depth enhancement will facilitate the handling of larger capacity vessels and ensure on going direct access to international markets for central New Zealand importers and exporters.

ENDS

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