Lyttelton Port's first half up 25pc

Lyttelton Port yesterday announced a December half year net profit of $5.5 million, up 25 per cent on the same period a year ago.

Revenue fell from $30.4 million to $29.2 million.

An unchanged, interim ordinary dividend of 3.75c a share will be paid to shareholders on February 27. Lyttelton shares closed up 3c at $1.70.

Earnings before interest, taxation, depreciation and amortisation (ebitda) and non-recurring items were $11.3 million.

Container volumes rose 12 per cent but total volume through the port was static because of lower volumes of logs shipped and coastal traffic.

Log volumes fell 30 per cent from 93,400 tonnes to 65,400 tonnes for the six months. Dry bulk imports also fell, dipping from 292,100 tonnes to 275,800 tonnes. Coal volumes were up from 959,500 to 967,600 tonnes and bulk fuel volume also rose, from 440,800 tonnes to 545,500 tonnes.

Total full year volumes through the port are expected to increase 2 per cent on last year.

The company expects full year revenue to be down $1 million on last year, to $59.9 million but net profit for the 12 months is expected to be static at $11.6 million.

The port has secured two major contracts which chief executive Peter Davie said reflected improved customer satisfaction with service levels. P&O Nedlloyd chose Lyttelton as one of two South Island ports of call for its trans-Tasman service and NYK selected the Lyttelton as a port of call on its express service to Southeast Asia.

The port lost two contracts during an industrial dispute in 2002, one with Maersk Sealand and one with P&O Nedlloyd's "supership" service.

- NZPA