Napier Port reports 'material' freight reduction, cancels interim dividend

Tue, 26 May 2020

Freight volumes through Napier Port last month were down 40 percent and the company is expecting May's trade to also be down “materially” on the same period last year. The company, which today reported a 39 percent increase in net profit for the six months ended March 31, has cancelled its interim dividend, given the uncertain outlook, as firms ramp up activity amid the winding down of covid-19 restrictions. Directors are taking a 10 percent fee cut and the company will defer the appointment of an additional director as well as selected o...

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