KEY POINTS:
Lyttelton Port said its first half net profit fell nearly 19 per cent to $3.9 million, and confirmed its full-year profit forecast of a 21 per cent fall in profit.
Earnings before interest, taxation, depreciation and amortisation for the six months ended December fell 8.8 per cent to $12.3m. The company said the fall was due to higher spending on maintenance, the cost of mobilising a third container crane, dredging costs and high fuel prices.
"Our forecasts are good for the second half of the year. The late start to summer has held off harvest and we expect to see an influx of primary produce exports later in the season," Mr Davie said.
Annual net profit forecast remained at about $8m, down 21 per cent on a year earlier.
The company said the second half looked promising with the shipping line CMA CGM and partners deciding to make Lyttelton its only South Island port of call for the New Europe Mascarene Oceania (NEMO) service.
Container volumes rose 5 per cent for the six months, and coal and forestry volumes had improved.
Lyttelton Port was budgeting $3.4m for each of the next two years to restore its assets, to offset years of annual expenditure of just $900,000.
"Our focus for the remainder of the year is to continue to work on our global strategy, look at ways of minimising costs while still developing our infrastructure, and maintaining and growing a diverse range of trades," Mr Davie said.
The company declared an interim dividend of 1.3c per share.
Shares in Lyttelton Port fell a cent to $2.25.
- NZPA
