Lyttelton Port Company lifted its operating revenue by 9.7% for the six months to 31 December 2022 despite a slowdown in the market.
LPC reported operating revenue of $91.03 million for the interim period to the end of 2022, up $8.07 million from last year ($82.96 million).
LPC Chief Executive Officer Kirstie Gardener said the strong revenue result is pleasing given the challenging economic environment.
“While certain trades have been negatively impacted, and we have seen increasing inflation pressures, the overall result reflects positively on our diversified revenue streams, including the return of Cruise vessels,” says Kirstie.
LPC’s net profit after tax (NPAT) for the six months at the end of December 2022 was $12.1 million, ahead of budget, but down 2.6% on the equivalent period last year ($12.4 million).
A market slowdown and the economy’s tightening saw container imports fall while exports remained strong. Container volumes were lower than budgeted.
Marine, Cruise and Bulk revenue remained upbeat due to increased vessel visits, boosted by the return of large Cruise ships.
“We expect the second half of this year to be similar to the first half,” says Kirstie.
“Our focus remains on delivering key infrastructure projects, managing a challenging environment around increasing operating costs and playing our role in supporting the return to normality and schedule for the container side of our business.”
LPC delivered an interim dividend of $6.6 million to be paid to Christchurch City Holdings Limited (CCHL), 100% owner of LPC, the wholly-owned investment arm of the Christchurch City Council.
LPC was a proud supporter of New Zealand SailGP held on Whakarapō/Lyttelton Harbour in March 2023, based at Naval Point and the Inner Harbour.
LPC’s half-year highlights include:
LPC corporate office
Waterfront House
37-39 Gladstone Quay
Lyttelton 8082
New Zealand
Postal address
Private Bag 501
Lyttelton 8841
New Zealand
Phone: (+64 3) 328 8198
Email: office@lpc.co.nz
For more contact details click here.
© Lyttelton Port Company Limited 2020.
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