Primary Sector

Napier Port downgrades expected earnings

Oliver Lewis
Mon, 11 Apr 2022

Napier Port downgrades expected earnings
Napier Port has faced a challenging first half of the 2022 year, with container and bulk cargo both down.
Oliver Lewis
Mon, 11 Apr 2022
Napier Port cut its annual earnings outlook as the impact of covid-19 and supply chain disruptions weighed on its first-half earnings.The port operator said container volumes were down 16.6% in the six months ended March 31 from a year earlier, while bulk cargo fell 8.7%. Extreme local weather conditions were also a factor, the port said.Its provisional operating earnings for the six months to March 31 were about $16.4 million, a decline of 23% from the $21.3m reported a year earlier.The fall in earnings led the port to downgrade its annua...

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