Ports of Auckland cuts dividend by three-quarters

Mon, 28 Sep 2020

Ports of Auckland will pay a much-reduced dividend of $4.9 million to the Auckland Council for the year to June, a drop of 73.7 percent, as it dealt with the impacts of the covid-19 pandemic.Net profit dropped 57.3 percent, with the port operator facing smaller freight volumes due to the increased cost of shipping through the pandemic, and also the halting of cruise liners. The smaller return, down from $18.6 million last year, was in line with a policy change to lower dividends to 20 percent of after-tax profits to help the country's...

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