Port Sector: South Port upbeat after first half volumes down
February 24th, 2010
Cargo volumes at South Port fell 8% to 984,000 tonnes in the first half, contributing to a 24% drop in profit to $1.7m, reflecting the waning fortunes of the global economy. Chairman John Harrington says it may take a further 12 – 18 months before complete confidence is restored to global markets, while NZ’s economy still has “a sense of fragility.” Trading for the remainder of the financial year “appears more buoyant” than 12 months ago.
Global demand for dairy, meat and forestry goods is relatively strong and should help underpin a steady resurgence in export activity, Harrington says, predicting a full-year profit of $3.5m. Full-year profit will be affected by the outcome of arbitration with New Zealand Aluminium Smelters which cut output last year when a transformer failed.
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