Diverse New Zealand financials released

However, the port’s comparable after-tax result effectively fell 119% to a loss of NZ$1.3m (US$970,000) when accounting for an unrealised asset write-down of NZ$9.3m (US$6.5m) related to property investments.

CentrePort increased container volumes 4% overall, experienced record log volumes, handled 58 cruise vessels, pursued an asset upgrade programme and increased its asset base by 14%.

Port Marlborough experienced a comparable 3% drop in revenue to NZ$18.2m (US$13.6m) and 5% decrease in pre-tax trading profit to NZ$6.3m (US$4.7m) during the year.

However, asset revaluations and other non-cash impacts required by International Financial Reporting Standards contributed to a NZ$7.8m (US$5.8m) after-tax loss being recorded compared to a NZ$6m (US$4.5m) after-tax profit last year.

Meanwhile, PrimePort Timaru saw a comparable 19% drop in after-tax profit to NZ$1.7m (US$1.3m) and 10% fall in revenue to NZ$20.1m (US$15m), and South Port achieved a 31% rise in revenue to NZ$20m (US$15m) and a 64% increase in after-tax profit to a record NZ$4.1m (US$3.1m).