South Port's acquisition last year of the former Southland
Cool Stores helped lift its half-year after-tax profit to
$2.9 million from $2.54 million a year ago.
The half-year result was boosted by the addition of Southland
Cool Stores cold-storage operation, plus increased fish cargo
being stored at South Port's Island Harbour cold-storage
facility, chief executive Mark O'Connor said in a statement.
The interim dividend was up from 5.5c last year to 6.5c, and
it was intended to repeat a full-year dividend of 20cCargo
activity for the six months was down 9%, from 1.39 million to
1.26 million tonnes.
''The decline in cargo was due primarily to weaker export
activity, while overall import movements largely maintained
their momentum,'' he said.
There were reduced volumes of petroleum products, aluminium
smelter import and export cargo, woodchips and logs, which
was partially offset by volume gains in fertiliser, stock
food and fish.
South Port estimated its full-year earnings would be between
$6 million and $6.4 million.
South Port is constructing an additional 5900sq m dry
warehouse at the west end of the Bluff Island Harbour, for
bulk cargoes such as stock feed and fertiliser.
South Port pilots did a computer simulation exercise in
Brisbane, and successfully assessed that Bluff could safely
accommodate vessels up to 260m.