Napier Port records 11 percent revenue growth

By PETER FOWLER


Napier Port is now the second largest export port by volume in the North Island behind Tauranga, according to the company's latest result released last night, with revenue growth of 11 percent bucking a downward trend experienced at many ports around the world due to the global recession.


Forestry products, processed fruit and vegetables, growing apple exports with the planting of new varieties, and increased dairy and meat exports have all contributed to record 3,713,057 tonnes handled through the port. This was 2% higher than last year.


A record 204,065 containers (TEU, or twenty foot equivalent) were handled, an 8.5% improvement on last year.


The port's annual revenue was $60.3 million, up 11%, with a net profit after tax of just over $11 million.   Shareholder's funds stood at $169 million while the company decreased it's debt by 7.6%.


Chief Executive Garth Cowie said the growth of the port in hard times would come as a surprise to many people, including locals.


"We're probably an unrecognized jewel. Our growth has been based on a superior service model provided by all the port staff, not only the Port Company but also stevedores, marshalling companies, MPI and Customs, all working together, and we intend to become even stronger and more widely recognised."


Mr Cowie says ongoing ramifications from the global economic crisis caused some regional ports to suffer a loss of trade and key customers. However, as results released at Monday's AGM indicate, Napier Port's continued to buck the trend and it reported another healthy result for the year ending 30 September.


Napier Port is owned by Hawke's Bay Regional Council, which was paid a dividend of $5.8 million.


Auckland is the largest import port in New Zealand.

- Hawkes Bay Today

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