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20 Mar 2018 20:44
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  •   Home > News > Business

    CentrePort signals dividend after profit

    Wellington's CentrePort turned a profit in the first half of its financial year after recovering following the Kaikoura earthquake.

    CentrePort turned to a profit in the first half of its 2018 financial year as the Wellington port operator continued to recover from the damage wrought by the November 2016 Kaikoura earthquake, and signalled it may resume dividend payments this year.

    The port company posted a profit of $4.9 million in the six months ended December 31.

    That compares with a loss of $35.7m from continuing operations in the year-earlier period, which widened to a loss of $85.7m after including a $50m provision for port land.

    Revenue in the latest period slipped 1.2 per cent to $34m but was supplemented by an extra $4.9m of business interruption insurance, ahead of the $2m received in the year-earlier period.

    CentrePort is recovering from the impact of the Kaikoura earthquake, which damaged many of its buildings and disrupted its services.

    "It's very positive for us in terms of our result - it shows a strong bounce back and a strong recovery of the port," acting chief executive Anthony Delaney said.

    The company earmarked 12 buildings across the port for demolition, some of which had already been tagged as earthquake-prone and others which were badly damaged by the quake, including the five-storey Statistics House.

    Still outstanding is a decision on the BNZ building, which is currently undergoing engineering assessments of the damage. A decision on the future of that building is expected before July.

    The company has set aside $63m to invest in making the port more resilient, strengthening its ground and key wharves to be able to handle Kaikoura-type events in the future.

    It is working with consultants from Germany's Hamburg Port as it formulates a master plan for the operation and expects to detail its plans in 12 months' time.


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