Lyttelton CT at Christchurch up 5.3pc to 273,789 TEU a year

NEW ZEALAND's Lyttelton Port of Christchurch has suffered a 1.1 per cent decline in underlying annual earnings despite a 5.3 per cent increase in container volumes.

The port saw net profit drop 10.4 per cent to NZ$9 million (US$6.34 million) in the year to June 30. Earnings before interest and tax of amounted to NZ$29.2 million, down from NZ$29.5 million last year. Revenue grew 3.4 per cent year on year to NZ$87.33 million.

In the year to June 30 the port's container throughput rose by 5.3 per cent on last year's container volume to 273,789 TEU. Export container volumes grew 15.7 per cent and reefer box exports were up 6.6 per cent. Empty export containers fell 15.7 per cent.

The port said it had increased costs of NZ$600,000 in securing term finance and NZ$500,000 for dredging infill caused by unusually large and long easterly swells, reported the New Zealand Press Association.

The report noted that just recently the New Zealand Shippers Council had announced that Tauranga and Lyttelton were the logical ports to handle containerships capable of carrying 7,000 TEU. Currently the biggest ships calling regularly in New Zealand are 4,100 TEU vessels.

"The financial year ahead is showing promising signs of producing volume growth across containers, coal and general cargo," said port chairman Rodger Fisher.
(Source:www.schednet.com)