Asset sale lifts Northport half-year

Listed Northland Port Corporation has announced an improved profit of $8.827 million for the half year to December.

The result compared with a surplus of $7.474 million for the same period in 2006.

The main contributor was a previously reported gain of about $7.6 million from the sale of the company's half stake in marina and waterway company Marsden Cove Ltd.

Northport announced an interim dividend of 3c per share, against 5cps previously.

Port chairman Mike Daniel said comparisons with 2006 were complicated by the inclusion in the 2006 figures of two one-off gains.

The company received $5 million from the initial sales of the Marsden Cove sections and a $1m gain from the termination of the Northport Services joint venture with Carter Holt Harvey.

Excluding those, Mr Daniel said Northport, North Port Coolstores and Northland Stevedoring Services joint ventures had performed well and in line with budget expectations.

Cargo volumes at Northport were close to budget and was expected to remain so for the second half of the year.

Talks were underway regarding the industrial land adjacent to the port and some projects were expected to come to fruition during the second half of the year.

Shares in Northport were untraded yesterday at $3.15.

- NZPA