Lyttelton Port annual profit falls as higher costs outweigh increased revenue

Thu, 23 Aug 2018

By Tina Morrison Aug. 23 (BusinessDesk) - Lyttelton Port Co's annual profit fell as strike action and costs of hiring additional staff outweighed higher revenue. The port company, owned by Christchurch City Council's investment arm, said net profit fell to $12 million in the year ended June 30, from $14.4 million a year earlier. Operating earnings were flat at $14 million while revenue lifted 7 percent to $122 million, lagging behind the $126 million flagged in its statement of intent. Chief executive Peter Davie said the revenue incre...

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