Port sustains further earthquake damage

File photo

Lyttelton Port, which took a $22.6 million asset writedown after the September earthquake, said it has sustained further damage in the latest aftershocks.

The port has been completing a full engineering assessment and had expected to be ready to resume container handling at 7am today.

The city was hit by quakes measuring magnitude 5.5 and 6 yesterday, which saw more buildings collapse, cut power and water and resulted in widespread liquefaction.

"We will update you once we have a clearer picture by close of business," chief executive Peter Davie said.

One-time costs from the original magnitude 7.1 quake in September resulted in a first-half loss for the South Island's biggest port company.

It has said further damage from the February quake was covered by insurance.
Shares of Lyttelton have fallen about 2 per cent in the past 12months while the benchmark NZX 50 Index climbed 14 per cent.

Last month the port company lifted in forecast trading profit for the year ending June 30 to $12million from $10 million, reflecting a lift in container volumes.

The forecast excludes one-time charges and insurance payouts.