Mixed message at Northland Port

Northland Port's interim report card reflects the mixture of factors affecting the new regional gateway.

The $2.73 million profit in the six months to December 31 was up from $1.99 million in the previous corresponding period, but it was boosted by $1.98 million from asset sales, up from $1.2 million.

The port is exposed to the forestry downturn but a contract with Carter Holt Harvey means it is being paid for services for logs that have not moved yet.

Though it receives the cash, accounting rules prevent it from running it through its profit and loss statement until the goods are moved.

For this reason the company cut its full-year profit forecast of $4 million by $500,000.

It is paying a fully imputed interim dividend of 3c a share.