South Port posts a record profit of $10.71m

Container loading at South Port, Bluff. Photo: File

SOUTH Port has achieved a record after-tax profit of $10.71 million for the year ending June 30, 2021.

The port company released its 2021 full-year result to the market showing its profit increased 13.6% on the $9.43 million recorded in 2020.

Its operating revenue for the year was $47.33 million, up $44.61 million in FY20.

The result was “extremely pleasing” in a sector that continues to face ongoing challenges presented by Covid-19, South Port chairman Rex Chapman said.

The total cargo increased 5.5% to 3,450,000 tonnes for the year.

The NZX-listed port will be paying a full-year dividend of 27c per share, a 4% increase on last year.

Bulk cargo volumes improved by 5.9% while container numbers increased by 13.3%.

The two major influencing factors on bulk cargo were a 54% increase in logs to 730,000 tonnes and a 19% increase in woodchips handled through the Bluff port.

Those increases came after lower cargo volumes being exported through the port after last year’s lockdown.

Dairy volumes increased 33% through the port due to the construction of Open Country Dairy’s third dryer at Awarua.

All of the port’s front-line staff staff had now been vaccinated, Mr Chapman said.

container vessel Mattina in mid-July has caused some disruption to the port, we are very proud of the way the team handled the situation,” he said.

The port will soon take delivery of a new $10 million , 65-tonne bollard pull Azimuth Tractor Drive tug, from Damen Song Shipyard in Vietnam.

South Port has estimated that earnings in FY22 are likely to remain consistent with FY21’s reported results.