Napier Port downgrades expected earnings

Napier Port has faced a challenging first half of the 2022 year, with container and bulk cargo both down.

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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