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News Australasia

Efficiency gains may delay LPC upgrade

09 Oct 2007

Improved productivity at existing Lyttelton Port of Christchurch (LPC) container berths may see a planned NZ$26m ($19.3m) upgrade of Cashin Quay Number Two delayed by two years.

Having recently completed most of its NZ$90m ($66.8m) capital investment programme announced five years ago, LPC is expected to save NZ$8m ($5.9m) in debt servicing from delaying the Cashin Quay element.

Meanwhile, the port has reported a comparable 7.9% drop in after-tax profit to $NZ9.6m ($7.1m) and 3.6% dip in revenue to NZ$76.4m ($56.7m) for the recent financial year.