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Lyttelton Port of Christchurch has increased profits and handled record freight volumes in the year to June 30.
At a time when hub ports are supposed to be growing to the detriment of others, a range of New Zealand ports are posting strong results.
Lyttelton today added its voice to those calling for a rationalisation of ports but did not say anything about merger talks with Dunedin's Port Chalmers.
Lyttelton said it handled a record 9.8 million tonnes in the year ending June 30, up 9 per cent on last year.
This increased cargo and lower costs helped the port increase its annual profit by 7.3 per cent to $10.3m.
"LPC is cautiously optimistic about the future, and we expect the full year's net profit after tax for 2009 to be approximately $10m," said chief executive Peter Davie.
The port handled the equivalent of 250,657 standard-sized containers, up 9.8 per cent on last year. Vehicle imports were also up 29.7 per cent.
But Lyttelton's story is about coal as it handles more than any other port in the country. When the new Pike River coal mine is producing volumes through the port will rise by 1.3 million tonnes a year by the end of 2010.
"Our coal volumes were on target for the year at 2.2 million tonnes," said Davie.
Port of Tauranga released its results today, revealing a record annual profit of more than $42m, up by $2.7m from last year.
The port at Lyttelton is currently investigating options for expansion of its coal facilities to handle coal coming from the new Pike River mine.
"It is good to see LPC trading strongly despite uncertain economic times," said chairman Rodger Fisher.
He said the net profit after tax was higher than originally anticipated and achieved on a 9.2 per cent increase in revenue to $83.4m.
"We can attribute this increase in large part to our increased trade volumes," he said.
Earnings before interest, tax, depreciation and amortisation rose 14.9 per cent to $30.9m.
Directors declared a final dividend of 3.6c, taking total dividends to 5.1c a share, up from 4c last year.
The dividend is payable on November 20. The port is majority owned by Christchurch City Holdings Ltd, part of the local city council.
The port is spending $6.5m over two years on deferred wharf maintenance and $10m on upgrading its oil berth.
- NZPA
