Falling log volumes trim South Port's profit forecast

Fri, 14 Feb 2020

South Port New Zealand expects annual earnings to fall as much as 16.2 percent because of reduced log exports and fertiliser imports. In reporting a flat first-half net profit, the port operator lowered its guidance for the year ending June to a range of $8.2 million to $8.7 million, compared with $9.8 million the previous year. At the annual shareholders' meeting in November, the company had forecast a 10 percent decline in annual net profit, itself a downgrade from the 5 percent fall the company predicted in August. Revenue for the s...

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