Lyttelton Port profits down on last year

Christchurch-based maritime gateway operator Lyttelton Port said today its June year net profit had fallen 1.7 per cent from last year to $11.8 million due to higher than anticipated costs.

Chairman Barney Sundstrum said the result for the year ending June 30 was disappointing.

Earnings before interest, taxation, depreciation and amortisation (ebitda) included an increase in expenditure of $3.2m.

He said industrial disruption, supply disruptions from Solid Energy's Spring Creek mine, and lost production saw coal volumes come in below forecast levels.

Other problems included a higher level of general wharf maintenance and an unexpected fuel problem on the tug Blackadder.

Mr Sundstrum said the company expects maintenance costs to remain at a high level for the next 2 to 3 years.

The company reported ebitda earnings of $26.9m -- a 5.9 per cent increase on last year's 25.4m.

Overall revenue was $66.5m, up 7.6 per cent on last year's $61.8m.

Mr Davie said the company has launched a new brand identity that reflects a revised positioning for the port.

"I firmly believe that we now have the personnel and business framework in place to deliver the critical components that will assist in ensuring our long term success."

He said highlights over the year included securing a two year services contract with Australia National Line (ANL) and contract extensions with several leading international container lines.

The company has also increased throughput in its container terminal by 10 per cent, implemented a 10 year development plan, and plans to buy a third container crane.

Lyttelton will pay a final dividend of 7.25cps (fully imputed) on October 14, bringing the total dividend to 11.0cps.

Lyttelton Port shares closed down 8c today at 185, having traded between $1.92 and $1.67 in the last 12 months.

- NZPA