South Port FY profit falls 4.3 percent on costs to cope with higher volumes

Thu, 23 Aug 2012

Aug. 23 (BusinessDesk) - South Port New Zealand, the nation’s southern-most port company, posted a 4.3 percent drop in full-year profit on costs to cope with higher cargo volumes and increased insurance premiums. Profit was $5.99 million in the 12 months ended June 30, from $6.26 million a year earlier, the Bluff-based company said in a statement. Sales rose 3.5 percent to $26 million. The port company experienced a 25 percent surge in cargo volumes in 2011, which had required more spending on workers, plant an infrastructure, it said. “The...

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