Lyttelton Port announces profit rise

5:55 am on 2 March 2012

Port Lyttelton has lifted its half year profit by 55%, as more containers, cargo and logs passed over its wharves.

When adjusted for earthquake effects, the port posted a profit of $9.5 million in the final six months of 2011 compared with $6.1 million in the same period a year earlier.

Revenue rose more than 9% to $51.8 million.

Container volumes rose 12% and log exports rose almost 20%, but coal exports declined 2% while the port repaired loading facilities.

The port says it's received $35.7 million from earthquake-related insurance claims so far, but total quake-related losses and costs exceeded $50 million at the end of the year.

The port says it's still in discussions with its insurers, but there are differences of opinion as to whether assets are insured for reinstatement, and the extent to which repairs are temporary or permanent.

It says it won't pay a dividend while the total financial effect of the earthquake damage remains unclear.