Ports of Auckland forgoes interim dividend as congestion bites

Blue cranes: POAL's automated loading berth.

Fri, 05 Mar 2021

Ports of Auckland has again deferred its first-half dividend payment to the city after a “perfect storm” ripped through its operations in the second half of 2020. This is due in part to the covid pandemic throwing global shipping logistics into disarray and local lockdowns delaying its automation project.The port’s profit dropped to $13.6 million in the six months to Dec 31, down from $17.2m a year earlier, as automation, labour and interest costs continued to weigh on earnings. Revenue fell to $114.2m from $123.2m with c...

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