Ports of Auckland, whose operations were disrupted last year in a protracted industrial dispute, returned to profit after writedowns put it in the red last year, lifting revenue at a faster pace than its gains in container volumes.
The Auckland-based hub reported profit of $38.9 million in the 12 months
ended June 30, turning from a loss of $11.9 million a year earlier when the company wrote down the value of its assets by almost $43 million.
Revenue rose 5.1 per cent to $186.6 million, outpacing a 1.3 per cent lift in total container volumes to 818,819 twenty-foot equivalent units (TEUs). Operating profit climbed 23 per cent to $44.4 million.
"While container volumes were not up significantly, our focus on lifting revenue, improving processes and raising labour productivity has started to show results," chief executive Tony Gibson said in a statement. "Earnings are up, we have won back some of the business lost as a result of last year's industrial action and secured two new services."
See the company's annual review here.
