Ports of Auckland investment stifles first-half revenue growth; profit falls

Thu, 28 Feb 2019

By Rebecca Howard March 1 (BusinessDesk) - Ports of Auckland reported a 16 decline in first-half profit and expects more of the same for another 18 months as its automation investment programme saps capacity and stifles revenue growth. The port operator said net profit was $24.4 million in the six months to December versus $29.2 million in the same period a year earlier. Operating expenses rose 9.8 percent to $76 million while revenue was up 2.5 percent at $123.6 million. "Our company is in the middle of a major investment programme...

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