An export boost has lifted revenues at earthquake stricken
Lyttelton Port of Christchurch, but the cloud of insurance
claims still hangs over its extensive rebuild.
For the year to June, total operating revenue rose 3.1% from
$122.9 million last year to $126.7 million, while after-tax
profit declined 1.7%, from $17.2 million to $16.9 million.
LPC chief executive Peter Davie said container volumes rose
to a record 351,217 teu (twenty-foot equivalent units), dry
bulk imports were up 11.2%, including a 42% cement rise, log
exports were up 31%, and fuel 8.7%.
Fertiliser imports declined 7.4% and exports of Solid Energy
coal plummeted 17.7%, due to mine closures and widespread
Port Otago maintains a 15.5% takeover blocking stake in
Lyttelton, but no dividend was declared for the year.
Mr Davie said ''insurance challenges remain complex'', but
otherwise good progress was made in coverage of material
damage, business interruption and contract works.
Total insurance progress payments were up to $53.1 million,
including $17.4 million in material damage claims to six key
harbour structures, plus $1.8 million for business
interruption, after the end of the financial year.
Mr Davie said while insurers had reserved their rights to
dispute paying in full, they were proceeding on the basis
assets were covered for reinstatement and funds were expected
to flow as Lyttelton incurred costs.
Mr Davie said the company was developing its cost estimates
on that basis.
''However, uncertainty remains over the extent to which this
programme of works will be fully funded from insurance
proceeds,'' he said in a statement.
He predicted Christchurch's rebuild would further boost
imports, while exports and container numbers would grow from
primary produce sources.