South Port New Zealand has reported a 37% decrease in after-tax profit for the year ended June 30, 2024.
The company's profit was $7.38 million, down from $11.71m in the previous year.
This decline was attributed to a 7.7% decrease in cargo handled through the Port, which amounted to 3.21m tonnes.
South Port's result was also negatively impacted by the government's decision to remove tax deductibility for depreciation on commercial buildings, resulting in a one-off deferred tax expense of $2.3m.
Normalised net profit after tax, excluding one-offs, was $9.96m, a 13.4% decrease.
Core bulk cargo volumes were down 12.2%, while container services port-wide achieved a 24.5% increase in volumes handled.
The company remains optimistic about future opportunities, citing the extension of electricity supply contracts by NZ Aluminium Smelter as a major boost.
South Port estimates its earnings for the next financial year to be in the range of $9.3m to $10.3m.
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