Tonnage was up 90,000 tonnes for the year to June 30 from 2.16 million tonnes to 2.25 million tonnes, on the back of stronger work than forecast in November and December from the forestry, fertiliser and dairy sectors, South Port Chairman John Harrington said in a statement yesterday.
"Stronger-than-forecast activity in both bulk and containerised cargo activity occurred in the last two months of the financial year," Mr Harrington said.
South Port earlier forecast an expected 5%-10% downturn on last year's $2.23 million after-tax profit, but yesterday Mr Harrington revised that forecast up to a range of $2.3 million to $2.35 million.
ABN Amro Craigs broker Peter McIntyre said the result reflected how well the economy of Southland had been doing in recent years.
"South Port especially has been benefitting from that economic boom," Mr McIntyre said.
Shares in South Port, whose majority owner at 66% is the Southland Regional Council, have during the past year traded at a high of $3.30 and low of $2.05 and this week around $2.19.
Port Otago, which in March delivered a first-half after-tax profit down 2% at $19.6 million, is due to report its full-year to 100% owner the Otago Regional Council in September.
