Marsden Maritime lifts first-half earnings 2.9% as Northport volumes remain flat
Net profit increased to $4.1 million, or 10.3c per share, in the six months ended December 31.
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Marsden Maritime Holdings [NZX: MMH], which owns half of the Marsden Point-based Northport along with a marina, commercial facilities and land, lifted first-half profit 2.9% with cargo volumes crossing the port largely flat.
Net profit increased to $4.1 million, or 10.3c per share, in the six months ended December 31, from $4 million, or 9.74c, a year earlier, the Whangarei-based company said in a statement. Revenue from its half-share in Northport slipped 1.9% to $4.2 million, even as cargo volumes rose 2.6% to 1.66 million tonnes in the period, the bulk of which was export logs.
"Port-related earnings were marginally down on the corresponding period last year but were offset by improved results from the group's other activities," chief executive Graham Wallace said. "Current projections suggest the group's full-year trading result will be similar to that recorded in the 2015 financial year."
Marsden and Port of Tauranga each own 50% of Northport, and Marsden also owns 100% of Marsden Cove and Marina. The company itself is about 54% owned by Northland Regional Council and 19.9% by Ports of Auckland.
The company's property holdings delivered a 33% gain in net surplus of $407,000 in the half, on largely flat revenue of $677,000 while its marina and commercial unit tripled earnings to $90,000 as it more than doubled revenue to $706,000.
The board declared an interim dividend of 5.5c per share, payable on March 18 with a March 11 record date, and up from 5.25c a year earlier.
The shares last traded at $2.88 and have increased 0.7% so far this year.
(BusinessDesk)
Paul McBeth
Mon, 29 Feb 2016
Mon, 29 Feb 2016
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Marsden Maritime lifts first-half earnings 2.9% as Northport volumes remain flat
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