Lyttelton back in business

Lyttelton Port of Christchurch (LPC) made a full return to operations in the third week of March, handling its first export shipment of coal and container shipping exchanges since the February 22 earthquake.


Although suffering significant damage from the 6.3-magnitude event, which struck “just streets away” at a depth of five kilometres, LPC had been able to reinstate some core services soon after.


Praising his team’s “rapid recovery” effort, LPC chief executive Peter Davie said the focus was now on planning for the long-term rehabilitation of damaged facilities and for the further development of the port.


Despite the two recent earthquakes, LPC achieved a comparable 67% rise in net after-tax profit to NZ$6.1m (US$4.5m) and 12.6% increase in revenue to NZ$47.4m (US$34.8m) for the six months to December 31.


However, the port’s directors have resolved to defer the payment of dividends until further assessment of the full financial impact of the disaster can be made and further insurance proceeds are received.


In the immediate aftermath of the event, New Zealand Manufacturers, and Exporters, Association chief executive John Walley warned that NZ$120m (US$ 88m) of Christchurch export orders could “evaporate” as his members struggled to fill and ship orders without staff, transport and access to the central city.
(Source:http://www.portstrategy.com)