Northland Port Corporation (NPC) today reported a $7.47 million profit in the six months to December 31, up from $804,000 the year before.
NPC owns half of Northport, the operator of the port at Marsden Point near Whangarei. NPC's result includes a one-time item and property sales. An
interim dividend of 5c a share was declared, up from 2.5c last year. It will be paid on March 9.
Chairman Mike Daniel said the main reasons for the improved result were contributions from property development arm Marsden Cove and Northport.
Marsden Cove contributed $5.1 million to the half-year profit mostly due sales of sections from stage one of the marina and waterway development.
And Northport's contribution included a one-off gain relating to the termination of the Northport Services joint venture with Carter Holt Harvey in November 2006.
The activities of Northport Services have now been integrated with those of Northport resulting in a more efficient operating structure.
Mr Daniel said he was mildly optimistic that forestry volumes would increase as a result of improvements in the market generally, but more particularly as a result of the forests sale by Carter Holt Harvey earlier in the year, and the possible increased harvesting resulting from this.
Construction of the third berth at Northport was completed just prior to the end of December and the reclamation and sealing should be completed by the end of the first calendar quarter. The project was on time and on budget.
Discussions were under way with several parties about developments on the industrial land adjacent to the port at Marsden Point. It was intended to seek expressions of interest shortly from the wider market to promote developments in this area, he said.
- NZPA
