25 May 2011

Lyttelton Port issues profit upgrade

11:33 am on 25 May 2011

Stronger container volumes have prompted Lyttelton Port to issue a profit upgrade.

Excluding asset write downs and insurance payouts after the earthquakes in the region, the port expects to make $12 million in the year to the end of June, up from a previous forecast of $10 million.

Chief executive Peter Davie expects container volumes to rise 7%, as Canterbury's productive sector has been relatively unscathed by the quakes.

Mr Davie says the port has now moved into the planning phase for the long-term rehabilitation of its earthquake-damaged facilities, and the development of the port.

On Wednesday, the Government announced it was fast-tracking reclamation work that will use rubble from the earthquakes.

About 42,000 tonnes of earthquake rubble is already on site, and the consent will allow approximately 1 million tonnes of rubble to be used.