Wellington Scoop

Centreport reports record profit, increases dividends

News from Centreport
Wellington’s CentrePort achieved a record $16.5 million profit before tax and fair value adjustments for the year to 30 June 2012, up 10% on last year and supported by further growth in its container, cruise, forestry, oil, property and joint venture portfolios.

Chairman Warren Larsen said that the Board was pleased by the company’s overall performance in “difficult economic trading conditions.”

“This positive result reinforces the value of our diversification strategy which will assist dealing with further difficult trading conditions and support future growth of the business,” Mr. Larsen said.

The company declared final dividends for the year of $5.35m, up 3% on last year.

Chief Executive Blair O’Keeffe said challenges, including value adjustments of commercial property and infrastructure caused by the Canterbury earthquakes and higher insurance premiums had impacted the company’s final result, which after fair value adjustments was an unrealised loss of $5.95 million.

Mr. O’Keeffe said the company had recapitalised and invested in new and upgraded infrastructure in the last 12 months, including the purchase of a new tug to service larger vessels, improved log handling facilities, improved berthing for larger ferries, a refurbished cruise terminal and a new cruise berth.

“It’s been a big year for CentrePort and our hardworking people, and we’re very pleased with our overall trading performance and the ongoing growth across our diverse portfolio.” Mr. O’Keeffe said.

An improvement in our safety record was also a highlight during the year.

“We’ve developed and implemented a strategy that will ensure CentrePort’s success well into the future, by diversifying into a range of businesses and partnerships with other successful businesses,” he said.