Lyttelton Port (New Zealand) lifts profit forecast

Strong trade volumes in recent months and lower than expected costs have enabled Lyttelton Port Co to lift its full year profit forecast.
The company today said it was projecting net profit of $10 million to $10.5m for the financial year ending June 30.
At the close of the first half of the financial year Lyttelton Port was forecasting net profit of $9.6m, which was up on earlier predictions and in line with full year results for the preceding financial year.
Chief executive Peter Davie said the company was in a solid position and productivity was improving.
"We have maintained strong trade volumes in the last few months, and that, coupled with lower than expected costs, has allowed us to revise our net profit estimates upwards," he said.
"We are optimistic for the remainder of the financial year, but we must retain a healthy degree of caution. We operate in an increasingly challenging environment and economic conditions have softened recently; this could impact on final profit."
Lyttelton Port shares closed at $2.15 yesterday, the lowest level for the past year and down from $2.60 in January.