NAPIER Port saw significant revenue increases over the past quarter, according to unaudited financial results released to the NZX on Wednesday.
The port’s revenue for the third quarter rose 13.2% to NZ$34.4 million from NZ$30.4 million in the same period last year.
Container services revenue for the quarter of NZ$22.3 million rose 16.6% from NZ$19.1 million in the same period last year.
Container volumes for the quarter increased 1.5% to 82,000 TEU due to higher other container movements and containerised imports offsetting lower reefer exports.
Bulk cargo revenue for the quarter of NZ$11.4 million increased 7.5% from NZ$10.6 million in the same period last year.
Log export volume for the quarter decreased by 5.1%.
Underlying net profit after tax for the third quarter, after adjusting for unrealised fair value movements on investment properties, increased by 5.1% to NZ$7 million from NZ$6.7 million in the same period last year.
Reported net profit after tax for the third quarter decreased 10.9% to NZ$7 million and for the nine months decreased 13.3% from NZ$18.4 million to NZ$16 million.
Napier Port chair Alasdair MacLeod said the port ended the third quarter in a stronger position than it ended the half-year.
“Napier Port continues to benefit from the strength of New Zealand’s primary sector economy, and our customers and region have again demonstrated fortitude and an ability to persevere despite challenging conditions. This can-do attitude, together with the commitment of Napier Port’s team to deliver services and solutions to keep cargo moving, contributed to an improved third quarter,” Mr MacLeod said.
“We have made exceptional progress putting in place the infrastructure that will underpin the prosperity of the region and Napier Port for the long term. Te Whiti (6 Wharf) opening on 22 July, ahead of schedule and within budget, is a highlight. This demonstrates the capability of Napier Port and its team. Te Whiti (6 Wharf) is a statement of confidence in the region, its prospects of prosperity and lays a solid platform for growth. Final costs are expected for our financial year end, and we now anticipate they will come in at the bottom of our existing NZ$173-179 million range.”
Napier Port chief executive Todd Dawson said: “The uplift in third-quarter trade volumes has flowed through into the improved financial results for the quarter which are better than the same period last year.
“Results for the nine months are softer than the prior year due to the particularly challenging trading conditions in the first half of the year. For the nine-month period, we have seen lower volumes of export apples and fresh and other chilled produce as a result of reduced overall production within customer operations as a result of Covid, labour shortages and weather events earlier in the year,” Mr Dawson said.
“In the third quarter, container shipping conditions were largely unchanged from the first half, with unpredictable schedules continuing to result in missed or delayed vessels, reduced overall shipping capacity, and larger exchanges of cargo across fewer vessel calls.”
