Record profit for southern port

The Port of Otago says increased refrigerated container and log traffic helped it set a record profit for the past year. Pre-tax operating profit for the year to the end of June climbed by more than a quarter to $21.3 million.

The value of the company’s property investments in Dunedin also jumped by $18.3 million. Agricultural exports from the Otago region, and the port, also saw a spinoff from container vessels ceasing to stop at Timaru’s port.

Board chair David Faulkner says Otago producers sent more refrigerated produce, while log exports have been high for a second year in a row. He also acknowledged the recent investment in Timaru by the Port of Tauranga could be seen as a risk.

Council chairperson Stephen Woodhead says the result is outstanding in a year when there have been a lot of infrastructure upgrades, and that the most pleasing part is the region’s productivity growth and the way the port is handling its growing exports.

The port is in the process of deepening shipping channels to allow for larger vessels.