6 Feb 2010

South Port declares $1.6m half-year profit

7:16 am on 6 February 2010

South Port made a profit of $1.67 million in the six months to December, excluding one-off costs.

The Bluff-based port company achieved a $1.71 million proft in 2009.

It says it could be at least a year until complete confidence is returned to global markets.

South Port chief executive Mark O'Connor said cargo volumes fell 8% to 984,000 tonnes during six months to December, which he said was a credible result in the current economic conditions.

Mr O'Connor said demand for dairy, meat and forestry goods remains relatively strong, and should underpin a steady resurgence in export activity.

He expects the company to make a full year profit of about $3.5 million.

South Port will pay an unchanged dividend of 4.5 cents a share.