NZX-listed Marsden Maritime Holdings Ltd (the former Northland Port Corp NZ Ltd) increased the company’s trading surplus for the year to June by 4.6% by continuing to expand its non-port related activities.
The trading surplus was up $400,000 to $9.7 million. However, the $3 million slice off the value of its investment property assets reduced net profit to $6.7 million.
Chief executive Felix Richter said the company was also “well placed to take advantage of the increased interest in locating to Marsden Point from exporters & manufacturers who are currently based in Auckland”.
Company chair Murray Jagger said Marsden Maritime had “redefined its purpose and developed a long-term strategy to guide growth and support its joint venture, Northport. This creates the right eco-system to support our vision of helping to transform Northland’s economy over the next decade”.
Mr Jagger said the Covid-19 level 4 lockdown affected throughput at Northport, but volumes had since returned to expected levels.
Unlike many listed companies this year, Marsden Maritime will pay a fully imputed final dividend of 9.25c/share on 25 September, taking the total for the year to an unchanged 16c/share.
Key financial & trading points:
Property revenue, up 33.9% to $2.9 million ($2.16 million)
Total revenue, up 2.2% to $15.1 million ($14.8 million)
Trading surplus, up 4.6% to $9.7 million ($9.28 million)
Investment property revaluations, down 592% to $2.97 million reduction ($600,000 gain)
Pretax net surplus, down 31% to $6.7 million ($9.7 million)
After-tax net surplus, down 31% to $6.68 million ($9.69 million)
Total comprehensive income, down 46% to $5.35 million ($9.9 million)
Basic & diluted earnings/share, down 31% to 16.18c (23.46c)
Bulk cargo, down 11.5% to 2,998,070 tonnes (3,386,730 tonnes)
Log exports, down 15.1% to 2,250,002 tonnes (2,651,307 tonnes) accounted for 75% of this volume
Container volumes, down 4.2% to 12,314 TEU – 20ft-equivalent units (12,849 TEU)
Attribution: Company release, annual report.