Napier Port, the freight gateway for the central and lower North Island, has reported reduced earnings for the nine months ended 30 June 2023 due to the impact of Cyclone Gabrielle in February.
Strategies focused on yield management and pricing adjustments have supported revenue, and the company is confident of a recovery in cargo volumes in the new financial year due to regional infrastructure rebuilding and progress made by key customers affected by the cyclone.
Cruise revenue of $5.3 million on the return of cruise vessels has also contributed to the nine-month result.
Despite the cyclone, Napier Port is well positioned for cargo recovery in FY24 with an unchanged guidance for an underlying result from operating activities for the year to 30 September 2023 of between $34.5 million and $36.5 million.
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