Infrastructure

Napier Port beats FY forecast; monitoring log export outlook

Gavin Evans
Tue, 19 Nov 2019

Full-year earnings at Napier Port Holdings beat the company’s prospectus forecast by 3.2 percent on record log volumes and as higher than projected refrigerated cargo volumes boosted container volumes and average revenue. The firm, which listed its shares in August, reported net profit of $6.8 million for the year ended Sept. 30, up from the $5.6 million forecast, but down from $17.6 million a year earlier when the port was wholly-owned by Hawke’s Bay Regional Council. Excluding $6.4 million of costs from the share offer and other listing...

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