Ports of Auckland calls 2019 a "tough year"
Ports of Auckland has reported its results of the first six months. Group revenue rose slightly to NZD 248.1 million from NZD 243.2 million in H1/2018. The reported net profit after tax was NZD 53.9 million, considerably lower compared to NZD 76.8 million for the previous period.
Underlying profit after tax was NZD 45 million compared to NZD 59.2 million for H1/2018, as a result of reduced space due to automation work, the loss of a service and a cyclical decline in car volumes. The capital expenditure increased to NZD 104.8 million (NZD 96.5 million) to increase capacity and productivity and improve safety.
Container volumes were down 3.5% to 940,000 teu compared to 974,000 teu in H1/2018. Car and light commercial vehicle volumes were even further down by 14% to 255,000 units, compared with 298,000 units in the previous period last year. Bulk and breakbulk volumes (including cars & light commercial vehicles) also dropped by 3.3% to 6.5 million t compared to 6.8 million t. (fd)