Northland Port divests half-stake in coolstores business

Fri, 07 Feb 2014

By Suze Metherell Feb. 7 (BusinessDesk) – Northland Port Corp, which owns half of the Whangarei port’s operating company, has sold its 50 percent stake in North Port Coolstores to partner NPC Investments for $1.8 million. The company will realise a gain of some $800,000 from the sale which will be accounted for in its second half earning of this financial year, it said in a statement. The coolstores made an after tax contribution of $200,000 to the port company’s profit of $6.7 million in the 2013 year. "In a strategic context, the board b...

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