Solid Energy, cruise ship revenue losses pull Port of Lyttelton down

Thu, 28 Feb 2013

Feb. 28 (BusinessDesk) - Christchurch city's Port of Lyttelton turned in a 16.5 percent reduction in profit for the half year to Dec. 31, largely reflecting reduced coal export volumes from troubled state-owned coal miner Solid Energy and the loss of insurance cover for cancelled visits by cruise ships. Profit after tax for the period was $8.0 million, compared with $9.5 million in the same period last year, prior to adjustments for earthquake impacts. Once those adjustments are taken into account, net profit was up 15.1 percent to $3.3 milli...

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