Notwithstanding the implications of the Kaikoura earthquake on its operation Wellington’s CentrePort is reporting a strong half-year result.
The Port reported net underlying profit after tax (before earthquake provisions and fair value adjustments) of $8.8 million for the six months to December 2016 according to its shareholder Horizons Regional Council which has a 23.6% share in the Port, which it jointly owns with Greater Wellington Regional Council.
After earthquake provisions and fair value adjustments to property, the result is a loss of $35.7 million, with Port land also written down by $50 million in value.
Horizons Regional Council chairman Bruce Gordon says the strong results reflected the hard work of CentrePort’s staff, which allowed the Port’s key operations to resume within 48 hours of the Kaikoura earthquake.
“It was great to see how quickly the Port got back up and running, particularly regarding log shipping,” he says.
“We are being regularly updated on engineering works and conversations with insurers, and are excited to see the Port now looking beyond recovery works and exploring how to build resilience into the Port,” says Gordon.
“We remain committed to helping the Port recover and be more robust in the future as it is a vital asset for our regional economy,” he says.
