30 Sep 2009

Port Nelson profit declines

6:01 am on 30 September 2009

Port Nelson has reported a reduced profit for the year, blaming compliance costs for much of the decline.

The port's net surplus after tax was $4.9 million but it had to pay out $1.4 million for noise mitigation measures in nearby homes.

Chairman Nick Patterson says those costs will continue and, combined with other compliance costs, are affecting profitability.

Overall, though, he says the result was still strong in a year of recession, with cargo volumes hitting a record 2.75 million tonnes.

Container numbers were also at a high of 82,351 equivalent units.

Port Nelson declared a dividend of $4 million for its owners, Nelson City Council and Tasman District Councils.