Lyttelton Port needs to improve earnings, chair says

Lyttelton Port Company has reported net profit of $15m, down from $19m. (Image: NZ Herald)

Fri, 30 Aug 2024

Lyttelton Port Company needs to improve its earnings to justify the significant investment made in the port after the Canterbury earthquakes, chair Barry Bragg says.The port company has reported an underlying net profit of $15.5 million for the year to June, down from $18.9m in 2023.Earnings before interest, tax, depreciation and amortisation (ebitda) were up 14% to $52.4m.This was driven by a $12m increase in revenue to $193.8m.But container volumes were down 1.6% to 448,364 TEU, compared with 455,457 last year.“Our earnings will need to...

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