Quake repercussions haunt Lyttelton
Lyttelton has been made to wait for a earthquake repair progress payment. Credit: NZ Defence Force
Lead insurer Vero has withheld a NZ$20m (US$15.5m) progress payment towards the repair of the earthquake-damaged Lyttelton Port of Christchurch (LPC) while it disputes the extent to which assets are insured for reinstatement.
LPC has to date received NZ$35.7m in progress payments of a total bill expected to exceed NZ$300m.
Meanwhile, LPC’s five-level head office building has been evacuated and about 45 staff relocated after it was deemed unsafe in an engineering report.
Despite the recent tribulations, LPC has achieved a comparable 34.4% rise in net after-tax profit to NZ$12.1m (excluding earthquake effects such as additional costs and insurance proceeds).
Images for this article - click to enlarge
Unless otherwise stated, all images copyright © Mercator Media 2012. This does not exclude the owner's assertion of copyright over the material.
