South Port raises profit forecast due to cargo surge

South Port has updated its profit forecast, expecting full-year earnings to be in the range of $8.3 million to $9m.

This is an increase from the previous guidance of $7.3m to $8m.

The company attributed the higher earnings to the surge in bulk and containerised cargo volumes late in the last quarter.

South Port also noted that this result offset the impact of the removal of deductibility of depreciation on commercial buildings, which led to a one-off deferred tax expense of $0.9m for the 2024 financial year.

The announcement comes as a positive end to a challenging year for the company, following the positive news of the New Zealand Aluminium Smelter's decision to extend its operations for another 20 years.