Northland Port profit up on Whangarei land sale

Gains booked on the sale of land at Port Whangarei lifted Northland Port Corp oration's profit to $7.06 million in the six months to December 31, up from $2.73 million for the same period in 2003.

Northland Port Corp (NPC) chairman Mike Daniel said the gain on the $13.15 million sale of the 85ha Port Whangarei site in August last year, as well as sales of other assets had been the "main influence" in the higher result.

The company said its total operating revenue for the period was $3.38 million, up 5.3 percent on a year earlier.

NPC will pay a fully imputed interim dividend of 3.5cps on March 11.

Mr Daniel said the continuing downturn in the forest industry had adversely affected the performance of its joint venture Marsden Point deepwater port NorthPort as had previously been indicated but NPC was confident about the project's medium term prospects.

The company's other joint ventures continued to perform in a satisfactory manner Mr Daniel said.

These include the Marsden Cove marina and residential development.

NPC expects the project to take up to 10 years to complete and to produce about $250 million in revenue for it and partner Hopper Developments.

NPC shares were up 5c to $3.35 in mid afternoon trade today.

- NZPA