South Port cuts profit forecast as trade volumes come off

(Image: Getty)

Tue, 31 Oct 2023

South Port NZ warns annual profit will fall by more than a fifth as cooling trade volumes for logs and other primary sector products put the country’s southern-most marine hub under pressure. In his final annual meeting as chair, Rex Chapman said September quarter trade volumes fell 10% from the same period a year earlier as the uncertainty in international trade and softer demand weighed on the port operator. South Port said it expects net profit at the lower end of $9 million in the 12 months ending June 30, 2024, down from $1...

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