Port of Lyttelton chasing business

By PAM GRAHAM

Port of Lyttelton yesterday reported a 28.7 per cent decline in annual profit on reduced revenue. The port has a new chairman, chief executive and labour agreement to unload ships whenever they arrive but no answer yet to business lost from Maersk Sealand and P&O Nedlloyd.

Chief executive Peter Davie said the port was looking to increase volume handled but there were no surprises on the horizon. The relationship with Mediterranean Shipping Company was going well.

The port was organising financing for planned capital expenditure but decisions on work on wharves and crane facilities had not been made.

The company reported an $11.63 million net profit in the year to June 30 on a 1.8 per cent decline in revenue to $60.88 million. The employment settlement cost $625,000 in legal costs, and $1.29 million was paid, and provided for a further $994,000, for a voluntary early termination scheme and other costs. The company is paying a final dividend of 7.25c per share.