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The financial year 2020 was the beginning of a transformation for Lyttelton Port Company (LPC), as we move from a long period of redevelopment into the future – a future that will deliver a sustainable profit and a fair return to our shareholders. It has been a year of challenges, but we have still handled record container volumes and total export value topped $6 billion for the first time ever.
Despite the challenge of COVID-19, we still returned a strong profit from operating activities of $10 million, allowing us to continue to pay a dividend. However, our overall result is a loss of $154 million, as a result of a fair-value readjustment to the value of our assets as a result of an alteration to our accounting policy.
Cultural change is also an important part of the journey for LPC. We are focused on creating a more diverse and inclusive workplace that is more reflective of the community we work in. This year, we have also moved to a more collaborative partnership with the four unions that represent most of the staff at LPC.
We hope you will take the time to have a look at our Annual Report, and see the ways that LPC is delivering a Port that will sustain the economic and wellbeing aspirations of the people in our region.
LPC corporate office
37-39 Gladstone Quay
Private Bag 501