Lyttelton Port profit boosted by insurance payments, takeover decision set for Monday

Fri, 29 Aug 2014

By Tina Morrison Aug. 29 (BusinessDesk) - Lyttelton Port Co, Christchurch's ocean trade hub, posted a jump in annual profit and paid off its debt after settling insurance claims resulting from the 2011 Canterbury earthquakes. Profit surged to $343.2 million, or 335.6 cents per share, in the 12 months ended June 30, from $16.9 million, or 16.5 cents, a year earlier, the port company said in a statement. The earnings were swelled by an after-tax insurance payment of $328.2 million in the latest year, compared with a gain of just $1.8 millio...

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