18 Aug 2010

Ports of Auckland returns $37m profit

12:50 pm on 18 August 2010

Ports of Auckland has returned a record profit but warns conditions remain challenging.

The country's largest port made $37.2 million in the year to the end of June, up significantly from the previous year's $5.4 million, which included significant write downs.

Normalised earnings rose 55% to $24.4 million.

Revenue rose more than 1% to $166 million, and the port handled a record number of containers during the year, up almost 3% on the previous year, largely due to more imports.

Ports of Auckland's managing director, Jens Madsen, says even though the trends are positive the operating environment remains challenging.

The port will pay a final dividend of almost $7.2 million to its shareholder Auckland Regional Holdings, is a subsidiary of the Auckland Regional Council.