Marsden Maritime posts flat annual profit
Little change in log volume throughput at Northport.
Marsden Maritime Holdings [NZX: MMH], formerly Northland Port Co, reported a flat annual profit as the volume of logs it processed was little changed from a year earlier.
The Whangarei-based company’s profit was $8.39 million in the year ended June 30, from $8.33 million a year earlier. Revenue rose 2.1% to $10.8 million.
The port handled 2.46 million tonnes of logs in the year, little changed from the year earlier, while overall cargo volumes declined 3% to 3.18 million tonnes.
"Northport was able to post improved earnings, mainly as a result of an increase in storage revenues from higher volumes of cargo stored on-port throughout the year, despite the reduction in overall cargo throughput," chairman John Goulter says.
The company lifted occupancy levels at its Marsden Cove marina and commercial complex, while it also has plans to install a new vessel haul-out facility at the marina.
"We have also achieved an improved performance from our property holdings by securing additional industrial tenancies, although this has been partially offset by a significant drop in farming revenues," chief executive Graham Wallace says.
The port is also working on an industrial subdivision to build a large bulk warehouse which will be finished in the first quarter of 2016. It will be leased to a "major international bulk commodities trading entity" and boost cargo flows through Northport, Mr Wallace says.
The company will pay a final dividend of 6.75c per share on September 18, bringing its total dividend for the year to 12cps, up 6.7% from a year earlier.
The shares rose 0.4% to $2.90 and have gained 7% since the start of the year.
(BusinessDesk)
Suze Metherell
Wed, 26 Aug 2015
Wed, 26 Aug 2015
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Marsden Maritime posts flat annual profit
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