Record cargo throughput at Northport has netted a tax paid $10 million surpluses for joint venture owner Marsden Maritime Holdings Ltd for the year ended 30 June 2017.
Annual cargo throughput at Northport was up 7.3% to a record 3,646,000 tonnes including export log volumes of 2,808,000 metric tons (also a record) which lifted by 5.1%.
Other cargo volumes increased by more than 15% to reach 838,000 tonnes for the period.
While the overall result was down on the previous year’s net surplus of $12.062 million, the trading surplus for the period increased by 12.8% to $9.541 million.
“The company’s financial result featured an exceptionally buoyant performance from our joint venture entity Northport Ltd again achieving a record annual cargo throughput,” says chairman Sir John Goulter.
The Company’s property, marina and commercial interests also contributed positively to the improved overall trading result,” says Goulter.
“The much-improved result for the Company’s property holdings segment reflected a full year of earnings from a major tenancy secured last year, together with additional rentals confirmed during the reporting period. A general uplift in farming revenues also occurred,” says chief executive Graham Wallace.
