Port of Otago prospers

A $6.5 million increase in Port Otago's dividend is the seventh consecutive annual rise.

It follows a 24 per cent increase in container volumes for the year to June 30. Cargo tonnage set a record, up almost 10 per cent from the previous year to 2.7 million tonnes.

But the tonnage of conventional cargoes such as logs and coastal shipping was down 5 per cent.

Since 1998, Port Otago has given $31.1 million in dividends to its owner, the Otago Regional Council.

The 24 per cent increase in container volumes was a mix of higher dairy and refrigerated exports and movements of empty containers.

Port Otago and its property subsidiary, Chalmers Property, had combined revenue for the year of $44.6 million and pre-tax profit of $22.5 million. After-tax profit increased 5 per cent to $9.1 million.