Lyttelton Port of Christchurch achieved an outstanding financial and operating result for the 2011 year despite 10 months of seismic emergencies, disruptions and damage, Cargonews Asia reports.“Thanks to the resilience of the port business and infrastructure, built up over a number of years, and the commitment of its people, the port and our inland port CityDepot kept operating with minimal downtime,” said LPC chairman Rodger Fisher.
The Canterbury region suffered a 7.1 earthquake on September 4, 2010, 6.3 on February 2, 2011 and 6.3 on June 13, 2011.
“After each earthquake event, critical port services were restored within 96 hours. This is a fantastic achievement given the magnitude of destruction throughout Canterbury,” Fisher said.
The company achieved an earthquake-adjusted profit after tax of US$10.03 million for the year ended June 2011. This is compared with $7.46 million the previous year, an increase of 34.4 percent.
“This after-tax result is proof of the underlying strength of the business and reflects solid business growth, particularly in container and coal volumes,” Fisher said.
Earthquake-adjusted revenues totalled $77.7 million, up 7.3 percent from $72.39 million the previous year.
The statutory consolidated result, which includes earthquake effects such as additional costs, insurance proceeds and revenues lost, is an after-tax profit of $19.99 million, with revenues of $75.96 million.
Write-downs of port assets as a result of the earthquakes and aftershocks totalled $29 million for the year ended June 30, up 18 percent on the previous year.
The Canterbury region suffered a 7.1 earthquake on September 4, 2010, 6.3 on February 2, 2011 and 6.3 on June 13, 2011.
“After each earthquake event, critical port services were restored within 96 hours. This is a fantastic achievement given the magnitude of destruction throughout Canterbury,” Fisher said.
The company achieved an earthquake-adjusted profit after tax of US$10.03 million for the year ended June 2011. This is compared with $7.46 million the previous year, an increase of 34.4 percent.
“This after-tax result is proof of the underlying strength of the business and reflects solid business growth, particularly in container and coal volumes,” Fisher said.
Earthquake-adjusted revenues totalled $77.7 million, up 7.3 percent from $72.39 million the previous year.
The statutory consolidated result, which includes earthquake effects such as additional costs, insurance proceeds and revenues lost, is an after-tax profit of $19.99 million, with revenues of $75.96 million.
Write-downs of port assets as a result of the earthquakes and aftershocks totalled $29 million for the year ended June 30, up 18 percent on the previous year.