Sinking property values hit NZ financials
Port Taranaki recorded a comparably flat net after-tax profit of NZ$4.76m (US$2.9m), 16% rise in revenue to NZ$43m (US$26.4m) and new container throughput record of 59,586 teu during the 2007-2008 financial year. Profit was predominantly affected by higher operating expenditure and write-offs associated with a failed coal trade bid.
CentrePort Wellington combined a 64% drop in net profit to NZ$6.95m (US$4.3m) with a 4% rise in revenue to NZ$52.69m (US$32.3m). Profit was considerably impacted by investment property and financial instrument revaluations.
A 12% increase in profit to NZ$7.5m (US$4.6m), 10% lift in revenue to NZ$36.2 (US$22.2m) and 8% rise in container throughput to a record 77,734 teu was achieved by Port Nelson.
PrimePort Timaru reported a 62% dip in profit to NZ$2.1m (US$1.3m) with an 11% increase in revenue to NZ$19.9m (US$12.2m). While pre-tax profit was similar to last year’s level, net profit was largely affected by property revaluations.
A 29% drop in profit to NZ$27.8m (US$17.1m) was recorded by Port Otago, despite a 5% increase in revenue to NZ$62.5m (US$38.3m) and 22% lift in container volume to a record 209,000 teu. Property valuation issues again impacted profit.
Furthermore, South Port achieved a 12% increase in profit to NZ$2.51m (US$1.3m) and 5% lift in revenue to NZ$15.37m (US$9.4m).
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