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PORTS of Auckland has announced a drop in revenue and profit for the six months ending December 31 despite handling a record 356,355 TEU, an increase of one per cent year on year. But overall tonnage fell 226,208 tonnes, a decline of 10 per cent due to a fall in imported vehicles.
Net profit after tax was NZ$10.6 million (US$7.36 million), down from NZ$22.3 million in the comparable period. The company attributed this to higher interest costs, up NZ$6.5 million, largely due to earlier restructuring of the balance sheet; a payment of a NZ$120 million special dividend to shareholders in December and "unusual" items amounting to NZ$5.0 million.
Profit on an EBIT basis was down NZ$10 million, or 27.7 per cent, to NZ$27 million. Total revenue fell 5.4 per cent during the reporting period to NZ$82.7 million.
The company expects performance to improve once the first phase of the NZ$60 million expansion of its Fergusson container terminal is completed, which will increase its handling capacity. Extra capacity will be needed to meet the requirements of the world's largest shipping line Maersk, which has begun using Auckland as a key transhipment point since January.
The company has also invested in deepening the commercial shipping channel and the approaches to enable it to handle larger containerships. Ports of Auckland also took delivery of three bigger cranes in December to replace older ones, and 21 new straddle carriers, 11 of which are already in operation.
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