About the port > Latest News > Media Release – Port Nelson delivers a pleasing result and highlights significant developments underway
Media Release – Port Nelson delivers a pleasing result and highlights significant developments underway
Posted on 21/09/2016
Port Nelson has reported a solid result for the 2016 year with an operating profit of $18.3 million as against a figure of $17.9 million in the previous year. This was ahead of budget due in main to higher than expected cargo revenue tonne and container volumes.
Port Nelson Chairman Phil Lough reported to shareholders at the company’s AGM on Wednesday that overall cargo volumes were up on budget despite the hailstorm in early December of 2015 that hit apple export volumes for the second year in a row, following a similar event in late 2014.
Container volumes also continued to grow to record levels as the weekly Maersk, Pacifica, MSC and ANL calls were well supported by the regions importers and exporters.
A main focus of the AGM was the significant capital commitment the company was making to ensure that it’s facilities met the requirements of it’s customers going forward and also made the best use of it’s assets wherever possible.
Key projects currently underway included:
- The Plant and Food Research development on Akersten St
- The new all-weather workshop facility being built on Rogers St
- The new 13,000m2 warehouse development on Vickerman St
- The new Harbour Tug Tōia which arrived in Nelson on Tuesday 20th September
In addition to the above projects, work is also due to get underway in early 2017 on the remediation of the Calwell Slipway area at a total cost of around $8.2 million, to be jointly shared between Port Nelson and the Ministry for the Environment.
“We are moving into a period of unprecedented capital development for Port Nelson which is supported by growth in a number of areas of our business “ Mr Lough said.
Rationalisation of the Port Nelson log storage areas in the last 12 months including the establishment of a new modern weighbridge would mean less double handling of logs going forward and also freed up some former log site areas for further development.
Highlights of the report to shareholders are:
- Revenue of $45.5 million
- Operating profit of $18.3 million
- Overall net profit after tax of $5.3 million (includes a one off expense related to the Calwell Slipway work of $2.7 million)
- Record container volumes of 96,497 TEU
Media enquiries please contact:
Phil Lough - Chairman Port Nelson Limited Ph 027 442 5447
Martin Byrne – Chief Executive – Ph 5393884