South Port has reported an almost 20% climb in profits for its first half-trading to December, from a boost to handling fertiliser, stock food and logs across its wharves.
South Port chairman Rex Chapman said warm and dry weather in Southland during the period had a positive impact; as pasture growth was stunted stock food imports for the dairy sector increased.
Total cargo activity for the period rose from 1.51million tonnes to 1.73million.
There were larger volumes of fertiliser, up by 63,000 tonnes, acid imports rose by 20,000 tonnes, stock food was up by 19,000 tonnes and 49,000 tonnes more logs were exported.
Total revenue for the six months was up 12.8% from $17.5million to $19.7million while after-tax profit profit rose 19.3% from $4.1million to $4.9million.
Mr Chapman said: ``The receipt of bulk fertiliser cargoes was `front ended' this year by the customer and the expectations are that these volumes will ultimately realign closer to the projected budget by year end.''
Similarly, all other cargo categories were expected to track close to budget for the second half of the year, he said.
Full-year guidance was issued, and Mr Chapman expected full-year earnings within a range of $8.65million to $8.9million, compared with last year's $8.45million. A half-year dividend of 7.5c per share was declared, the same as last year.
