11-10-2016

NZ’s Timaru port volume up 18.8pc as profits rise 12pc to US$2.5 million

Timaru

THE New Zealand South Island Port of Timaru's PrimePort annual net profit increased 12 per cent year on year to NZ$3.5 million (US$2.5 million) on the back of steady trade levels and the completion of big ticket projects, reports Fairfax Media.

PrimePort CEO Phil Melhopt said the company would pay a dividend of NZ$1.35 million, a 3.8 per cent increase on the year before.

Container volumes was up 18.8 per cent year on year to 84,400 TEU. Non-containerised cargo increased three per cent from 1,335,100 tonnes. Log exports were up 12 per cent, which helped balance decreases in stock feed imports and fuel imports.

A dairy downturn had some impact, but not as much as expected, Mr Melhopt said.

Said PrimePort chairman Roger Gower: "We had a vision for what we wanted for the district and for the port, and it's great to see that actually happening."

Source: Schednet

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