Industrial stoppages hit Lyttelton Port profit

Lyttelton Port downgraded its profit forecast yesterday as a result of work stoppages at the port and at major customer, Solid Energy.

Chairman Barney Sundstrum said the company expected net profit to be around $12 million, down from the forecast $12.3 million to $12.8 million. The port dispute has been resolved but the Solid Energy dispute is continuing.

The announcement was made after the market had closed. Lyttelton Port shares closed unchanged on $1.72.