CentrePort returns to profit after quakes

  • 30/09/2015
CentrePort returns to profit after quakes

CentrePort, Wellington's port operator, has returned to profit as increased log shipments and container volumes helped it recover from an earthquake-affected result in 2014.

Net profit rose to $14 million in the 12 months ended June 30, turning around a loss of $1.9m in the earlier year when CentrePort incurred costs for the July 2013 earthquakes, which damaged the port, the company said.

Revenue increased nine per cent to $66m with a 13 per cent increase in container trade to 107,407 twenty-foot equivalent units (TEUs) while the log trade increased eight per cent to 875,028 Japanese agricultural standard units (JAS).

The port operator is about 77 percent owned by Wellington Regional Council and 23 percent by Horizons Regional Council.

Wellington's port wants to deepen its shipping channel and has increased its port storage facilities to accommodate larger vessels and more cargo.

"In the past 12 months, we continued to prepare our application for consent to deepen Wellington's shipping channel to accommodate bigger ships," chief executive Blair O'Keefe said in the annual report.