Northland Port announces special dividend

By PAM GRAHAM

Northland Port yesterday announced a 10c a share special dividend and signalled a doubling of facilities at the year-old Marsden Pt deepwater port.

The corporation, a holding company for stakes in Northport, its operating company and other investments, yesterday reported a $7.36 million profit in the 15 months to June 30, compared with $5.04 million in the 12 months to March 31, 2002. Chairman Mike Daniel said a $2.2 million non-cash gain on the sale of assets to Northport and the North Tugz joint ventures boosted the latest result. Removing that, the profit was still a "pleasing" $5.2 million.

There was already pressure on facilities at the new port at Marsden Pt and Northport directors were preparing consent applications for a further two berths.

The North Tugz towage venture between Ports of Auckland and Northport had settled down and was operating above budget projections. There had been keen interest in the company's land holdings at Port Whangarei and Marsden Pt and development plans were well advanced.

The corporation announced a 6.5c a share final dividend, payable on September 19 as well as the special dividend. All carried tax credits.