Ports of Auckland, New Zealand, has announced a net profit after tax of NZ$37.2 million (26.49 million) for the financial year ended June 30, 2010, compared to NZ$5.4 million (US$3.85 million) for the previous financial year.
Normalised earnings after taxation were NZ$24.4 million, up 55 percent from the 2008/09 figure of NZ$15.7 million (US$11.8 million), which represents a return on closing shareholders' equity of 6.1 percent.
Managing Director Jens Madsen said close management of costs (down 3.1 percent to NZ$113.8 million, or US$81.04 million) and improved container volumes through the port contributed to the strong financial result. Overall container volumes reached a new high of 867,368TEU, up nearly three percent, while full import volumes were up 4.2 percent.
EBITDA for the Ports of Auckland's container division, the largest part of the port's business, was up 8.8 percent on last financial year.
"Ports of Auckland achieved some good market gains through the year but the operating environment remains very dynamic and competitive," Mr Madsen said.
"We are handling larger vessels making fewer calls."
"To retain this volume and to grow further, Ports of Auckland has invested in leading plant and equipment and has in place a carefully planned berth and channel dredging programme to ensure it is ready for the next generation of larger container vessel."
Ports of Auckland is employing more part-time and full-time stevedores to manage peaks in demand at its container terminals while it continues to work on productivity-related initiatives.
Overall breakbulk (non-containerised) volumes were up 6.7 percent to 2.8 million tonnes.
Sixty-two cruise ship visits were managed by the port through the year compared to 69 last year – but forward bookings of 77 visits for 2010-11 point to better times for the cruise industry, enhancing Auckland's position as a cruise ship hub.
