Marsden Maritime reports profit drop

Marsden Maritime Holdings has reported a 12.9% decrease in net profit after tax for the half year, amounting to $3.8 million.

The decline was attributed to lower earnings from its joint venture interest in Northport and one-off costs related to a proposed transaction.

However, the company reported growth in its parent entity segments, with operating profit of $995,000, up 2.1%.

This was driven by an increase in marina and boatyard revenue, which rose by 4.5%, and lease revenue, which was up 2.3%.

Marsden Maritime Holdings also announced a scheme implementation agreement with a consortium comprising Port of Tauranga, Northland Regional Council, and Ngāpuhi Investment Fund.

The consortium intends to acquire all shares in Marsden Maritime Holdings not already held by the regional council.

The scheme is conditional on public consultation, as well as approval by the high court and MMH shareholders.

If it proceeds, shareholders will receive a payment of $5.60 per share.

No dividend was declared for the half year period.