Napier Port posts 3.7% decline in annual profit on added cost of terminal expansion

Wed, 18 Nov 2015

By Paul McBeth Nov. 18 (BusinessDesk) - Port of Napier, the country's fourth-biggest container port, posted a 3.7 percent decline in annual profit as it spent $34 million beefing up its capacity, including an expansion of its terminal and buying two new mobile harbour cranes. Net profit fell to $12.9 million in the 12 months ended Sept. 30, from $13.4 million a year earlier, the Napier-based company said in a statement. Profit was eroded by costs of extra staff as a result of its investment programme. Revenue rose 7.6 percent to $72.1...

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