Falling log volumes trim South Port's profit forecast
By Dan Brunskill |
Fri, 14 Feb 2020
South Port New Zealand expects annual earnings to fall as much as 16.2 percent because of reduced log exports and fertiliser imports.
In reporting a flat first-half net profit, the port operator lowered its guidance for the year ending June to a range of $8.2 million to $8.7 million, compared with $9.8 million the previous year.
At the annual shareholders' meeting in November, the company had forecast a 10 percent decline in annual net profit, itself a downgrade from the 5 percent fall the company predicted in August.
Revenue for the s...