KEY POINTS
- Unaudited net profit after tax (NPAT) of $18.6m includes approximately $4.8 m after tax gains not expected to reoccur.
- The previous corresponding period (pcp) normalised NPAT was $14m and reported NPAT was $9.5m.
- Revenue of $96.6m, 9% ahead of pcp.
- Operating costs excluding depreciation increased by $5.7m, 11.5% above pcp.
- Expectations for second half trading are uncertain given the significant costs of industrial action and associated loss of business.
- Interim dividend of $9.841m paid on 29 February 2012, below $10.359m pcp.
Total container volume (TEU) was 454,234, up 0.2% on pcp. Full import container volume grew by 1.7% to 169,557 reflecting a relatively subdued economic environment. Trans-shipment volumes were down 6.3% on the pcp. Bulk and breakbulk volumes were 1,897,094 tonnes, up only 0.9% on pcp.
First half results reflect gains which are not expected to be reoccur from the following events or conditions:
- A change in shipping schedules which created a 20% increase in empties for the period
- Revenue from salvage services provided during the grounding of the container ship Rena in the Bay of Plenty
- A record number of cruise ships from the Rugby World Cup.
- A 14% increase in vehicle imports influenced by the Japan earthquake and the introduction of stricter emission standards on Japanese imports from 1 January 2012
- Prior period taxation adjustment due to timing
OUTLOOK
“It’s been a challenging period for the business. Second half results will be impacted by decreased container volume associated with recent industrial action and loss of the Maersk and Fonterra services,” said Ports of Auckland CEO Tony Gibson.
ENDS
