Inflation, market conditions hit South Port earnings

South Port is optimistic the downturn will be short-lived. (Image: Getty)

Fri, 16 Feb 2024

Tough market conditions have resulted in South Port reporting a significantly reduced half-year profit, with inflationary pressures on labour and materials biting. In an update to the New Zealand stock exchange on Friday, the port, which is majority-owned by regional council Environment Southland, revealed cargo volumes in the first six months of the 2024 financial year were down 14% on the comparable 2023 period at 1,488,000 tonnes.Net profit after tax (NPAT) was $3 million compared with $5.2m in the first half of 2023...

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