Gisborne-based Eastland Group is reporting a record profit of $17.6 million for the financial year.
The company recorded income of $84.7 million to March 31 through its operation of major regional infrastructure such Eastland Port, Gisborne Airport and Eastland Network.
It saw $10.1 million paid to shareholder Eastland Community Trust.
Eastland Port is the second largest log export facility in New Zealand and also broke records with three million tonnes of cargo handled in the 12 months to March 31.
This was above forecasts and was met with challenges such as ship berths constraints and limited storage space.
Gisborne Airport saw continued growth with passenger movements totaling nearly 171,000, up from 156,000 the year before.
Eastland Network saw a slight increase in electricity volumes and earnings. Solar trials continue to explore new technologies for future proofing the region’s power supply.
Construction of the new Te Ahi O Maui geothermal plant near Kawerau progressed well during the year and is now nearing completion.
The plant will generate around 25 megawatts of clean energy once operational.
Over the next five years, Eastland Group is aiming to invest over $200 million in local infrastructure.
Eastland Group chief executive Matt Todd says the growth of the company will greatly boost the region.
“With Te Ahi O Maui coming on stream, Eastland Network delivering reliable power to the region, and Eastland Group’s increased shareholding in innovative Flick Electric Co., our involvement with the energy sector encompasses generation, transmission, distribution and retail,” Todd says.
“This sector is undergoing seismic changes. Eastland Group is exploring new business opportunities and looking after our region’s interests.
“We also look forward to beginning the long awaited Gisborne Airport terminal redevelopment. This will offer an iconic welcome to Tairāwhiti, and the chance to share our region’s unique stories.”
