Port Marlborough Annual Result – Year Ended 30 June 2008 Port Marlborough New Zealand Limited has reported a pre-tax profit of $7.33 million and net profit after tax of $5.99 million for the year ended 30 June 2008. Total revenues of $18.8 million were up 12% on the previous year despite log volumes declining to a five year low. The directors declared a final dividend of $2.01 million, paid to the Marlborough District Council through shareholder MDC Holdings Ltd. Chairman David Dew said the results reflect a mixed year for the port in which the Company’s strategy of diversifying Shakespeare Bay’s operations to supplement bulk cargo revenues had generated a welcome boost. “The Kupe Pipe Spooling project completed in March 2008 not only made a significant contribution to revenues but has also proven Shakespeare Bay as a viable shore base alternative to Port Taranaki and Centreport,” said Mr Dew. “The versatility of this asset and our success in securing new cargoes has played a vital role in the Company’s ability to absorb a 25% volume downturn in export logs.” Company revenues were also boosted by record growth in the volumes of Cook Strait ferry passengers and commercial freight. Total passenger numbers through the port increased 5%, to exceed 1.2 million, while private vehicles and ferry freight volumes both increased 9.8%. Alongside achieving revenue growth the port company has progressed a number of key infrastructure projects. Substantial completion of the commercial infrastructure of the Company’s 8-hectare reclamation at Havelock Marina paves the way for building to commence in the new marine industry subdivision. Progress has also been made with planning for the expansion of Waikawa Marina, the development of land resources adjacent to Picton Marina’s inner basin and exploring alternative uses for the reclaimed land at Shakespeare Bay. Other notable developments during the year were the appointment of new Chief Executive Mr Ian McNabb in April 2008 and, concurrent with his appointment, amalgamation of the activities of subsidiary Sounds Property Holdings Limited into the governance and management structure of Port Marlborough. Looking ahead Port Marlborough remains proactive in investigating and encouraging new cargoes for Shakespeare Bay. A new energy development project contract is now underway with Shakespeare Bay providing the staging port for wind turbines to be used at Meridian’s Makakara wind farm. The 2008/09 summer will see a bumper cruise ship season with 18 cruise ships calling on Picton and another 14 separate scenic cruises of the Marlborough Sounds. These results reflect sustained marketing effort by Port Marlborough to attract the interest of international cruise agencies in recognition of the significant economic contribution cruise ship visits make to the regional economy. Mr Dew said that the company is also well-positioned to take advantage of SeaChange, a government initiative to encourage the use of coastal shipping in New Zealand. Port Marlborough’s Annual Meeting in December will see two new Directors on the Board and the retirement of Chairman Dew. Local businessmen Messrs David Brown and David Wilkie, both of whom live in Picton, take up their appointments from the December meeting.
Mr David Dew retires from the Port Marlborough Board after 17 years service. Appointed in 1991 Mr Dew was elected Chair in 2002 and has overseen a period of significant focus on development of the Company’s substantial property portfolio to realize its potential. For further information:
Mr David Dew
Chairman
Port Marlborough New Zealand Limited
Tel: 03 5778858 | 