By DANIEL RIORDAN
A buoyant Ports of Auckland has boosted its half-year profit and dividend, continuing the run of solid results being reported by the nation's listed port companies.
The port's chief executive Geoff Vazey says that all bodes well for the economy.
"Things are probably a bit better than the general feeling out there."
Auckland, which accounts for two-thirds of the nation's imports and a third of its exports, lifted profit for the six months to December 31 by 9 per cent to $22.7 million.
Container volumes, which provide 70 per cent of the port's revenues, were up 6 per cent, with volume passing 300,000 TEUs (20-foot-equivalent units) for the first time.
The growth was all in exports with imports just holding their own.
The company says the second half has started well, with January import volumes back to the same level as last year after a tough six months in the world economy.
The export season, traditionally peaking in February and March, had started a little late after high rainfall encouraged farmers to hold on to stock, said Mr Vazey.
He expected second-half volumes to be slightly better than those of the first half.
In line with a new dividend policy of paying out 75 per cent of after-tax profit, Auckland has raised its interim dividend from 9c a share to a fully imputed 12.5c.
Mr Vazey said Auckland's $132 million capital repayment to shareholders, originally planned for Christmas, was on track for mid-April, provided Inland Revenue agreed to the deal by the end of February.
He said all port companies had benefited from a buoyant export sector enjoying low exchange rates and good commodity prices.
On Monday, Lyttelton Port Company reported a 19 per cent increase in profit to $7.8 million, and lifted its interim dividend from 3.5c to 3.75c a share.
Continuing pressure on freight prices meant that Lyttelton's container revenue was flat even though it had handled 5 per cent more units than the year before.
Bluff's South Port NZ reported its result two weeks ago and made $1.5 million, compared with $910,000 the year before. It raised its dividend from 2.5c to 2.75c a share.
Port of Tauranga will release its interim result on Northland Port reports to a March year on Frida of next week.
Export boom keeps ports running hot
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