CentrePort enjoys Log Boom Benefits

Wednesday 27 Oct 2021

CentrePort has recorded a positive financial result despite ongoing COVID-19 related impacts and incurring residual 2016 earthquake-related costs, Chairman Lachie Johnstone announced. CentrePort recorded an underlying net profit after tax (NPAT) of $7.2m (before Kaikoura earthquake-related items, Changes in Fair Value, Abnormal Items and the tax impact of these items) compared to $14.7 million in FY20.

Operating revenue of $80.2m compared with $84.9 million the previous year reflected the absence of Cruise due to the ongoing COVID-related ban on international cruise ship visits. These visits are not anticipated to resume in FY22.

“Over 1.8m JAS of logs exported. This was the highest in CentrePort’s history and a 21 percent increase on the previous year. The 194,000 JAS exported in June was the largest volume for a single month.”

Vehicles was another area of strong growth, up 21 percent on FY20, with more than 24,000 units processed through the port. Mr Nind said despite the global logistics supply chain disruptions CentrePort maintained container volume levels.

“CentrePort worked closely with importers/exporters and shipping lines to minimise disruption for customers,” he said. CentrePort’s regeneration continued to gather pace with a range of major initiatives achieved and/or underway. Good progress was made on the $38.6 million Thorndon Container Wharf reinstatement project, which will increase the operational length of the gantry cranes from 126 metres to 261 metres. The project is due for completion in early 2022.

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