OCEANIA

Call to delist Northern port

18 years ago

Northland Port Corporation chairperson Mike Daniel believes the Northland Regional Council should buy back all port shares and take the company off the stock exchange.

Port Strategy: Northland chairperson wants to take port off the stock exchange

Mr Daniel says the port’s directors saw little need in continuing the listing, with costs estimated at up to NZ$500,000 (US$255,910) a year, minimal turnover and little likelihood of needing access to capital in the future.

The council currently owns 52% of Northland Port, with Ports of Auckland being the next major shareholder with 20%.

Northland Port posted a comparable 22% rise in revenue to NZ$2.9m (US$1.5m) for the six months to December 31. Net profit of NZ$1.8m (US$920,000) was comparably down 80% due to a one-off surplus the previous year.