17 Feb 2010

Ports of Auckland lifts profit

12:22 pm on 17 February 2010

Ports of Auckland has lifted its half year profit by half as it kept costs down.

The port company made $13.9 million in the six months to December, an increase of 49% on the same period last year.

Revenue fell 7% to $82 million, as container volumes fell 4% and vehicle imports also declined.

But expenses fell 13% to $44.6 million as it cut operating and interest costs, and reduced capital expenditure. Net debt fell by a quarter to $266 million.

Ports of Auckland says it's had a promising start to this year, with container volumes rising 6% - 7%, while bulk volumes and vehicle imports are showing signs of improvement.

It will pay Auckland Regional Holdings, a dividend of $9.9 million.