Christchurch based Mooring Systems ties up small profit

The Christchurch based company, which has developed an automated ship-docking system, has reported a net profit of $6819 off revenue of $1.53 million.

The result included writedowns of $30,739 and $108,598 for depreciation and amortisation.

During the past six months, two of its MoorMaster systems - which use vacuum pads that attach to the side of a ship - have been sold to Toll NZ for use on its new InterIsland ferry. That deal was worth nearly $1 million.

The Port of Dover in the UK, which has bought a system, is now assessing it before making a decision on buying another five.

Managing director Peter Montgomery said an agreement had been made to trial the systems in the Port of Salalah in Oman.

The company was also commissioned to do a study looking at the feasibility of a system for St Lawrence Seaway Management Corp in Ontario and Quebec, Canada.

That study has been presented and St Lawrence is considering the proposal.

Mooring Systems had also engaged in discussions with a Japanese research institute and a Japanese corporation around the possibility of installing systems in that country.

Many prospects out there were advancing favourably and the company was optimistic that its endeavours would soon bear fruit, Montgomery said.