25 Apr 2011

Auckland council looks for bigger dividend from port

5:53 am on 25 April 2011

Auckland Council wants to double the return it gets from owning the country's biggest port company.

Ports of Auckland is worth nearly $400 million and its last dividend was $22 million to fund infrastructure in the region.

Mayor Len Brown says the company is being asked to produce a strategy over the next six months for lifting the rate of return from 6% - 12%.

Mr Brown says that while the target is aspirational, there is a lot of potential in the port and he believes a bigger return can be delivered.

He says ways to double its return could include working more closely with Ports in Whangarei and Tauranga.

Goods representing 13% of New Zealand's Gross Domestic Product passes across its wharves.

Mr Brown says the company will also outline its role in changing the way it uses its waterfront land, including opening Captain Cook wharf to the public.