South Port New Zealand Ltd has reported a record normalised profit of $11.50 million for the year ended June 2023, despite a decrease in cargo volumes.
The reported after-tax profit of $11.71 million represents an 8.7% decrease compared to the previous year.
The decrease in cargo volumes was offset by an increase in log shipments.
The company has maintained a consistent dividend and completed several infrastructure projects.
However, there is uncertainty regarding future cargoes, particularly in the log market and farming sector.
South Port estimates earnings for FY2024 to be in the range of $11.70 - $12.30 million.
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