South Port reports cargo volume decline, profit drop

South Port New Zealand has reported a 7.7% decline in overall cargo volumes for the 2023-24 financial year.

Core bulk cargo volumes were down 12.2%, driven by decreased volumes in logs, fertiliser and woodchips.

However, the port achieved a 24.5% increase in containerised trade volume, reaching 51,900 twenty-foot equivalent units (TEU).

The company's normalised net profit was $9.96 million, a decrease of 13.4%.

South Port said the strength of the southern regional economy lies in its diversity, with new developments in renewable energy and aquaculture joining the long-established agricultural, aluminium and forestry base.

The completion of the Kia Whakaū project, which dredged the port's channel, was highlighted as a positive strategic development.

South Port estimates its earnings for the 2024-25 financial year will be in the range of $9.3m to $10.3m.