WHANGAREI - Northland Port Corporation is looking at returning surplus capital to shareholders after a 28 per cent lift in interim net profit.
For the six months to its new balance date of March 31, the Whangarei-based company posted after-tax profit of $1.78 million, up from $1.39 million for its first half last year.
Total operating revenue was up 20.3 per cent to $30.3 million The company said rationalisation of non-core assets and the exciting prospects possible from the development of the new port at Marsden Point in partnership with Port of Tauranga would result in a surplus of capital.
"Directors are now investigating the most efficient and equitable way to return this surplus to shareholders."
During the latest six months the marine operations showed a healthy surplus reflecting high log trade and efficiencies realised in towage, the company said.
The result included asset sales of $2.8 million, offset by redundancy costs of $740,000, a $1.2 million loss from Northport Engineering and a $700,000 loss from Sea-Tow. A dividend of 3c a share will be paid.
- NZPA
Port company aims to reward shareholders
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