Port of Melbourne lifts annual profit
The operator of Australia's largest container port, the Port of Melbourne Corporation, says strong growth in the container trade has helped it to a higher annual profit.
Net profit for the 2007/08 financial year rose to $43.3 million.
In 2006/07, the corporation booked a net profit of $22 million, but net profit adjusted for expenses related to the channel-deepening project in Victoria's Port Phillip Bay was $36 million in that year.
Total revenue for the year to June 30, 2008 lifted by $29.4 million, to $171.5 million.
Total expenditure fell by $3.9 million, to $103.8 million.
Port of Melbourne Corporation chief executive Stephen Bradford described the result as excellent.
"In a challenging trading environment, which included higher fuel prices and ongoing drought conditions in south-eastern Australia, we have invested a further $48.5 million during the year in essential port infrastructure," he said.
Mr Bradford said the corporation had invested an additional $126.8 million in deepening the shipping channel in Port Phillip Bay, and dredging was now 31 per cent complete, with a total volume of 7.25 million cubic metres dredged to date.
Mr Bradford said the dredging was ahead of schedule and under budget.
The corporation said the profit result benefited from a 7.8 per cent increase in total container trade to 2.256 million TEU (20-foot equivalent unit, the standard international measure for containers).
Loaded international container imports grew 11.3 per cent.
Mr Bradford said growth in container imports was very strong despite the prediction from many observers that the Australian economy may have been slowing in the second half.
Loaded container exports rose 0.4 per cent despite the drought.
"That's a better figure than it looks because of the impact of the drought in Victoria and southern Australia on dairy, products, food and vegetables," Mr Bradford said.
Mr Bradford said there was also increased exports of grains in containers and waste products such as waste paper and plastic.
Total trade grew 6.7 per cent to 75.7 million revenue tonnes during the year.
Nearly all cargo types contributed to the strong performance but liquid and dry bulk cargoes fell marginally. The port handled a record 389,000 new motor vehicles.
Net profit for the 2007/08 financial year rose to $43.3 million.
In 2006/07, the corporation booked a net profit of $22 million, but net profit adjusted for expenses related to the channel-deepening project in Victoria's Port Phillip Bay was $36 million in that year.
Total revenue for the year to June 30, 2008 lifted by $29.4 million, to $171.5 million.
Total expenditure fell by $3.9 million, to $103.8 million.
Port of Melbourne Corporation chief executive Stephen Bradford described the result as excellent.
"In a challenging trading environment, which included higher fuel prices and ongoing drought conditions in south-eastern Australia, we have invested a further $48.5 million during the year in essential port infrastructure," he said.
Mr Bradford said the corporation had invested an additional $126.8 million in deepening the shipping channel in Port Phillip Bay, and dredging was now 31 per cent complete, with a total volume of 7.25 million cubic metres dredged to date.
Mr Bradford said the dredging was ahead of schedule and under budget.
The corporation said the profit result benefited from a 7.8 per cent increase in total container trade to 2.256 million TEU (20-foot equivalent unit, the standard international measure for containers).
Loaded international container imports grew 11.3 per cent.
Mr Bradford said growth in container imports was very strong despite the prediction from many observers that the Australian economy may have been slowing in the second half.
Loaded container exports rose 0.4 per cent despite the drought.
"That's a better figure than it looks because of the impact of the drought in Victoria and southern Australia on dairy, products, food and vegetables," Mr Bradford said.
Mr Bradford said there was also increased exports of grains in containers and waste products such as waste paper and plastic.
Total trade grew 6.7 per cent to 75.7 million revenue tonnes during the year.
Nearly all cargo types contributed to the strong performance but liquid and dry bulk cargoes fell marginally. The port handled a record 389,000 new motor vehicles.