NORTHLAND PORT DECLARES SPECIAL DIVIDEND
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Northland Port Corporation (NZ) Limited (NS) (NTH) | 8:30 am, Monday 1 September 2008 | NTH | 2.700 |
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Northland Port Corporation has announced a surplus $10.049 million (23.12
cents/share) for the year to 30 June 2008.
This compares to a surplus of $9.329 million ( 21.46 cents/share) for the
previous year.
Commenting on the result Chairman, Mike Daniel advised that the main
contributor to the surplus was the one off gain of approximately $7.6 million
on the sale of the Company's 50% interest in marina and waterway joint
venture, Marsden Cove Ltd.
He stated that it was difficult to compare the results of the two years
because of the distortions caused by the inclusion in the comparative figures
(for last year) of the contribution from the initial sales of the Marsden
Cove sections ($5million), and the gain ($1million) resulting from the
termination of the Northport Services joint venture with Carter Holt Harvey.
Excluding these items the Northport, North Port Coolstores and Northland
Stevedoring Services joint ventures had performed well and in line with
budget expectations, Mr Daniel said.
Cargo volumes through 50% owned Northport at 1.4 million tonnes were slightly
behind those budgeted for the year, but approximately 100,000 tonnes ahead of
those of the previous year. The addition of the third berth has allowed
additional flexibility and has contributed to the overall efficiency of the
port operations.
Discussions have continued with Ontrack during the year regarding the
designation of the rail route from Oakleigh to Marsden Point and agreement
has now been reached on its location. The formal designation process will
commence shortly with application being made to the Regional and District
Councils.
Discussion has continued during the last six months with parties interested
in developing areas of the industrial land adjacent to the port, but
disappointingly changes in the market and other issues have delayed the
satisfactory outcome Directors' forecast.
The debt of $5.525 million due by Sea-Tow (which helped fund the sale of
NPC's 50% interest 3 years ago) was settled on 13 August 2008 on the sale of
Sea Tow's international business interests to Pacific Basin Shipping Ltd,
one of the world's leading dry bulk shipping companies.
DIVIDEND
A final dividend of 5 cents/share (2007 - 6 cents/share), fully imputed will
be paid on 26 September 2008, bringing total ordinary dividends declared in
respect of the year to 8 cents/share (2007 - 11 cents/share).
SPECIAL DIVIDEND
A special dividend of 12 cents/share will also be paid on 26 September from
the proceeds of the Sea-Tow settlement. This dividend will not be imputed as
the Company has insufficient imputation credits available.
A further $6 million (final cash proceeds from the Marsden Cove sale) is
programmed to become available during October 2008.
Directors will consider how best to utilise these funds at that time.
ENDS
Whangarei
31 August 2008
For further information contact
Jim Smillie
General Manager
(09) 438 1278
