About the port > Latest News > Media release – Port Nelson reports a solid result for 2015 financial year

Media release – Port Nelson reports a solid result for 2015 financial year

Posted on 28/09/2015

28 09 2015 9 20 02 a.m.

Port Nelson Ltd has reported a solid result for the 2015 year with earnings before interest and tax of $12.2 million and a net profit after tax of $7.5 million. This was well above budget forecasts and only very slightly down on the $7.6 million achieved in the 2014 year, when the Port benefited from a significant repair project for the oil industry related vessel, the Raroa.

Port Nelson Chairman Phil Lough reported to shareholders at the company’s AGM today that overall cargo volumes were slightly below budget, principally due to the softening of the export log market to China and reduced fruit export volumes as a result of hail damage experienced by the industry in late 2014. Reductions in these areas were offset by increased motor vehicle and fertiliser imports, and an increase in wine industry-related activity.

On the container service side of the business, weekly shipping options for Nelson importers and exporters increased in the second half of the year as both MSC and ANL introduced separate services to replace their former joint weekly call. These services were in addition to the regular calls by Maersk, Pacifica Shipping and China Navigation.

"The implementation of our property master plan has gathered momentum in the 2015 year as the former stevedoring amenities building and Mission to Seamen buildings within the Port’s operational area were demolished and the former ENZA Coolstore known as #6 shed was removed," said Mr Lough. "This work will assist us in further separating staff from busy operational areas while also increasing storage areas for export logs. Other areas previously used for log storage will also be freed up for development for warehousing and other similar uses."

The Port’s annual dividend for the full financial year was $5.7 million. This includes the supplementary dividend of $1 million announced in September 2014. This brings returns to shareholders by way of annual dividends, special dividends, and a one-off share buyback to a total of more than $90 million since 2004.

Highlights of the report to shareholders are:

  •  Revenue of $42.2 million
  •  Earnings before interest and tax of $12.2 million
  •  Overall net profit after tax of $7.5 million
  •  Total cargo of 2.6 million tonnes
  •  Container volumes exceeding 90,000 TEU for the first time (90,422 = actual)

Media enquiries please contact:

Phil Lough, Chairman, Port Nelson Limited Ph 027 442 5447

Martin Byrne, Chief Executive, Port Nelson Limited Ph 5393884