Ports of Auckland has been recapitalised by its council shareholder and has reported a 74 percent fall in annual profit when non-cash writedowns are included, the New Zealand Press Association reported.
The largest container port operator in the country said it has issued 50 million new shares worth US$0.70 each to Auckland Regional Holdings, the commercial arm of Auckland Regional Council.
The port said over $28 million was called an received on September 4 and a shareholder loan of over $14 million has also been put in place.
The port today reported a $3.8 million net profit after tax in the year to June 30, sharply down from $14.8 million last year.
The largest container port operator in the country said it has issued 50 million new shares worth US$0.70 each to Auckland Regional Holdings, the commercial arm of Auckland Regional Council.
The port said over $28 million was called an received on September 4 and a shareholder loan of over $14 million has also been put in place.
The port today reported a $3.8 million net profit after tax in the year to June 30, sharply down from $14.8 million last year.