Port Results Vary by Region
Wednesday 3 Nov 2021
The Port had previously set its lowest profit budget in five years for 2021, due to concerns over how trade would respond in a COVID environment. This budget was exceeded despite lower cargo volumes due to strong cost control and increases in property valuations.
Port Nelson reported a Net Profit After Tax (NPAT), excluding one-off property revaluations, of $9.1m, up $1.7m (23%) on budget, and up 12% on the previous year. Strong commercial property revaluations contributed to an equity increase of $3.9m, impacting positively on the year’s profitability. The final NPAT was $13.0m. The Port was pleased to declare a fully imputed, full year, dividend of $4.0 million.
The Port’s cargo volumes for 2020/21 were 3.25 million tonnes, down 3% on budget, and 1% on the previous year. This result masks some key variances in our major cargo groups. Log exports were up 8% on budget, reflecting strong demand and prices in China. Container throughput was 102,995 Twenty-Foot Equivalent Units (TEU), down 13% on budget and 11% on last year.
Log export volumes increased 2.4% to 1.6 million tonnes. Direct dairy exports increased 6.7% in volume and kiwifruit exports were also strong, up 7.1% on the first quarter of last financial year. Container volumes increased 8.1% to 310,997 TEUs1. Exports increased 5.3% to 4.3 million tonnes and imports increased 9.8% to 2.5 million tonnes.
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