Gladstone defies odds to boost profits

Gladstone Port Corporation reported an increase in after-tax profits by 26% in the 2011-12 financial year.

The corporation’s annual report, tabled in Queensland’s Parliament, showed revenue up by 67% while operating costs were 30.4% higher than expected.

Coal exports failed to reach targets but still showed growth, while the dividend paid to the state government also increased and the return on assets was 7.6% compared to 6.6% in 2010-11.

However, the results have been reported against a backdrop of Queensland premier Mr Campbell Newman declaring no confidence in the financial management of the board and executive.

Mr Newman recently dismissed the former GPC chairman and other board members and explained that the management team and board were not listening to the government’s views.

After the reporting of the figures Mr Newman said he now believed Gladstone was on the right track.