“It damaged our customers’ crops, exporters’ premises and regional infrastructure, diluted trade volumes and overshadowed the steady progress we had made,” he said.
A subdued log export market also contributed to the softer cargo volumes, the port said.
Its revenue rose 3.4 per cent to a new record due to the return of cruise vessels and improving yield, but it could not offset inflationary cost pressures, the port said.
A post-cyclone insurance claim contributed $7.3m to earnings.
Its underlying profit, which excluded one-offs, fell 43 per cent to $10.7m.
Chief executive Todd Dawson said despite the challenges, the port had shown resilience.
“In the face of the significant challenges of the past year, connecting customers to their markets, understanding their needs, and helping them achieve their goals has remained a firm priority for Napier Port.”
The port had achieved that goal, Dawson said.
Optimistic outlook
Napier Port said while inflationary pressures, tight monetary conditions and export market uncertainty added to the headwinds, the company was optimistic for the new financial year.
“Just after the close of the fourth quarter, Pan Pac re-opened its woodchip mill, the first part of its production facility to become operational again since the cyclone. It has advised Napier Port that timber mill operations are expected to restart in January, and the pulp mill in February, with the plant fully operational by late calendar year 2024,” Dawson said.
“Several major apple exporters suffered less permanent flood damage to their trees than initially thought, and replanting of damaged areas is already under way or complete.”
The port did not provide guidance for the new year.
