Wellington's CentrePort reports profit jump

CentrePort in Wellington. File photo / Mark Mitchell

Wellington's CentrePort said a strong lift in container traffic and property revaluations had driven its net profit $3.9 million higher to $17.9 million in the June year.

Port revenue was up 10 per cent to $73 million and the port's container trade was up 23 per cent to 132,000 TEU (twenty-foot equivalent units).

The log trade increased 19 per cent to 1.04 million JAS (Japanese Agricultural Standard).

The results include net fair value gains of $3.4m.

CentrePort said the result represented an 8.6 per cent return on equity.

The board paid dividends of $6.8 million to its shareholders - Greater Wellington Regional Council and Horizons Regional Council - and has declared a final dividend of $0.7 million.

Retiring CentrePort chairman Warren Larsen said the board looked forward to continued profitable growth of the business.

"The company will continue to invest in both updating port infrastructure assets where required, and further developing regional strategic partnerships to create seamless road and rail connections from central New Zealand to our seaport," said CentrePort chief executive Derek Nind.

He said CentrePort had developed its plans for a resource consent application to deepen the harbour's shipping channel.

The tide depth enhancement would facilitate the handling of larger capacity vessels and ensure ongoing direct access to international markets for central New Zealand importers and exporters.