The normalised profit of $11.5m was up 3% and a record result.
Underlying profit had shown consistent growth over the last five years, chairman Rex Chapman said.
The company’s cargo mix of bulk cargoes, fertiliser, stock food, woodchips and containerised freight was down only 2.5%, despite lower container volumes being handled and fewer container vessels calling, a note to the NZX said.
About 87% of South Port’s trade is bulk cargoes; among these, log exports, which increased 9% over the year.
Uncertainty in international trade and slower-than-expected demand has now led South Port to temper its earnings guidance for 2024.
Mr Chapman noted trade volumes for the first quarter of FY24 were below forecast and 10% down on the same quarter last year. The company was not immune to cyclical market changes.
"Log exports have been impacted by weaker market conditions, particularly in the main export market of China, and this was signalled in our annual report. Predicting just when the Chinese market for logs might improve is difficult.
"The farming sector across the board is going through a difficult period due to lower export prices, higher inflation and interest rates," Mr Chapman said.
"We have now seen the impact of this in the first quarter, with a substantial decrease in fertiliser imports, and stock food volumes are also down.
"Containers are still facing some congestion and schedule reliability issues. With so much of our volume dependent on external factors outside of our control, it is more difficult this year for us to have confidence about our earnings outlook."
He indicated earnings could be at the lower end of $9m after tax, any upside dependent on a marked recovery in its bulk cargoes "over the remainder of the year".
At that stage, the board had no visibility on the timing of such a recovery, Mr Chapman said.
In FY23, South Port has maintained for a second year a total dividend of 27c per share, which represents a payout of 60% of net profit after tax.
