Port Nelson has posted an underlying net profit after tax (NPAT) of $6.2 million for its full year result, down $1.5m on last year.
Cargo volumes ended at similar levels to last year with 3.2 million tonnes.
Its QuayConnect logistics division assisted a record $25m of cargo movements during the year.
The council-owned port delivered a $4.5m dividend payment to the local community.
Chief executive Hugh Morrison says changes in the mix of cargo contributed to the lower profit result.
“The port saw three of its larger cargo types: logs, wine, and processed timber, experience lower volumes than the previous year.
“These reductions reflected the global pressures felt in the markets that Te Tauihu [Top of the South] exports to.”
“The port was also impacted by changes in the operations of shipping lines with the use of larger but fewer vessels and a reduction in equipment stored in Nelson, which had a negative impact on revenue.
“On the cost side, increased interest, foreign exchange movements, insurance and payroll costs had an impact,” Morrison says.
Progress was made within the environmental space with the port on track to reduce carbon emissions by 67% by 2035, with emissions down 25% from 2019 levels.
In the upcoming financial year, the port will welcome a new chief executive to the team following Morrison’s retirement in November.
