Port Otago this week announced a half-year profit of $13.7 million, 9% down on the comparable 2024-25 result of $15.2 million. There were only 18 vessel arrivals compared with 26 for the previous corresponding period.
While profit was down slightly compared with the year before, the contribution from operating activities of $18.8 million was up 21% on the previous $15.5m result due to increased revenue and flat operating costs, Mr Gibson said.
On the revenue side, bulk cargo was the stand-out performer. Volumes were up 26%, largely due to a 42% lift in log export volumes to more than 650,000 tonnes. Log exporters responded quickly to manage windthrown trees from storm events, assisted by stable demand from Chinese and Korean markets, Mr Gibson said.
Container volumes were flat at 113,600 TEU, although full import and export volumes were up 3% on the same period in 2024-25.
The result included one-off gains from the sale of property assets of $2.0 million, down $4.4 million on the $6.4 million for the same period the year before.
For the first time in the port company’s history, Port Otago’s assets were valued at more than $1 billion at December 31, 2025.
For the six months to June 30 this year, Mr Gibson said container and log volumes looked particularly positive.
‘‘The wet spring and summer across our region have boosted grass growth and we expect higher volumes of meat and dairy products to flow through our container terminal in the second half of the financial year.
‘‘Meanwhile, our forestry customers continue working through the cleanup of windthrown trees, potentially resulting in a 10% greater volume through our Dunedin bulk port and Port Chalmers log yards.
‘‘Continued geopolitical uncertainty and impacts on trade lanes remain a disruption risk for New Zealand imports and exports, but we are prepared to adapt and change, so we can be always open.’’
Directors declared an interim dividend of $10.0 million - up from 9.0 million last year - which was paid yesterday.
