South Port 1H profits weaken as warehouse returns ebb, offsetting gain in cargo volumes

Thu, 13 Feb 2014

By Suze Metherell Feb. 13 (BusinessDesk) – South Port New Zealand, which operates the wharves at Bluff in Southland, posted a 7.7 percent drop in first-half profit as a rise volumes of cargo such as fertiliser, stock foods and logs was offset by lower returns from warehouses. Profit fell to $2.68 million in the six months ended Dec. 31, from $2.9 million a year earlier, the company said in a statement. Sales rose 5 percent to $14.6 million. The company reiterated its guidance for full-year earnings to fall in the range of $5.8 million to $6...

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