Before the cyclone, the port had been trading close to the top end of its expectations Photo: Supplied / Napier Port
Cyclone disruption to trade and uncertainty over insurance have caused the Port of Napier to withdraw its earnings guidance.
The port, the country's fourth biggest and the main shipping hub for the central and lower North Island, said there had been a falloff in trade since Cyclone Gabrielle, although the port escaped largely unscathed.
"Following Cyclone Gabrielle we are seeing a resumption in cargo trades, albeit at reduced levels resulting from damage to regional infrastructure and export commodities across the horticulture, agriculture and forestry sectors," chief executive Todd Dawson said.
He said before the cyclone it had been trading close to the top end of its expectations, and it still expected a half-year result to the end of March ahead of last year's $9 million profit.
However, Dawson said it was "prudent" to withdraw the full forecast, which had been for underlying earnings between $42m and $48m.
He said trade volumes would increase as the region recovered from the cyclone, but it could not reliably estimate how much a decline there would be for the rest of the financial year.
The port has resumed full operations as well as getting cruise ship visits.
An insurance claim for business interruption is being prepared, but it was expected to take some time and there was "no certainty at this stage regarding the financial outcome of any claim".
