Nelson port profit up

Record profits at Port Nelson is mainly due to increased cargo volumes, a one-off rates repayment and asset sales, chairman Nick Patterson says.

But a targeted 8 per cent investment return for the port company's 50 per cent shareholders, the Nelson City and Tasman District councils, was still some years away, partly because of planned capital expenditure programmes, he said.

Consolidated profit was up 18.5 per cent on last year at $6.625 million, from revenue of $27.6 million. The overall result was about 20 per cent ahead of budget.

"We have achieved a net surplus that is a record for the company, giving the two local councils, our shareholders, a return on their investment of 6.76 per cent."