Port News: Lyttelton Port Company delivers mixed interim results with market slowdown


Lyttelton Port Company (LPC) lifted its operating revenue by 2.3% for the six months to 31 December 2023, but revenue remained well behind forecast.

LPC reported operating revenue of $93.14 million for the interim period to the end of 2023, up $2.1 million from last year ($91.03 million).

LPC Chief Executive Graeme Sumner said the revenue result was lower than expected and reflected a downturn in market conditions.

“Container volumes continue to be well down at 225,816 TEU (twenty-foot equivalent unit), eleven per cent down on last year.

“A drop in imported and transhipped containers reflected a slowdown in the market, lower consumer demand and a tightening of the economy,” said Graeme Sumner.

“This, coupled with higher operating costs, resulted in a fall in profit for the half year,” said Sumner.

LPC’s net profit after tax (NPAT) for the six months at the end of December 2023 was $8.08 million, 33% down on the equivalent period last year ($12.1 million).

Expenses for the same period rose by 6.3% to $69.23 million compared to $65.15 million for the same period, reflecting increased labour, insurance, dredging and consumables costs.

“Given the general conditions of the New Zealand economy, reduced container numbers and below-budget revenue, LPC has cut costs to make savings,” said Graeme Sumner.

“A number of capital expenditure projects have been delayed or cancelled with the focus on improving financial performance and delivering a dividend.”

“We have also focused on operating expenses, including reducing staff numbers in some areas.”

LPC paid a final dividend for the 30 June 2023 year of $6.46m in November 2023 to Christchurch City Holdings Limited (CCHL), 100% owner of LPC, the wholly-owned investment arm of the Christchurch City Council.

This brought the total dividends paid for the 30 June 2023 year to $10.0m.

LPC’s critical achievements in comparison to previous years:


Financial Year Half Year TEU
FY24 Jul to Dec 225,816
FY24 Jan to Jun TBC
FY24 Total TBC
Financial Year Half Year TEU
FY23 Jul to Dec 242,810
FY23 Jan to Jun 212,647
FY23 Total 455,457
Financial Year Half Year TEU
FY22 Jul to Dec 266,954
FY22 Jan to Jun 235,256
FY22 Total 502,210


TEU = twenty-foot equivalent unit (container)



TRADE FY24 Half Year FY23 Half Year
Category Tonnage YTD VAR Category Tonnage YTD VAR
Bulk Fuels 506,646 (5%) Bulk Fuels 532,969 9%
Cars 35,091 (28%) Cars 48,518 (9%)
Coal 549,300 (22%) Coal 701,066 16%
Dry Bulk 276,620 (25%) Dry Bulk 369,224 (11%)
Logs 176,411 (20%) Logs 221,202 3%
Other 74,555 17% Other 63,695 15%
Grand Total 1,618,623 (16%) Grand Total 1,936,674 6%

Cars numbers






Car numbers







VAR – variance to the previous year


CRUISE 2023/24


Booked                    84 Cruise Ships

Visits                         82 Cruise Ships (the last one is due on Monday, April 8 2024)

Cancelled                2 due to weather and dirty hull 



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