File photo: Channel Infrastructure chief executive Rob Buchanan and Regional Development Minister Shane Jones at Marsden Point's fuel storage facility. Photo: RNZ / Peter de Graaf
Marsden Point terminal operator Channel Infrastructure has posted a lower half year profit on the back of a discontinued business, while income and expenses held steady.
Key numbers for the 6 months ended June compared with a year ago:
- Net profit $11.6m vs $16.6m
- Revenue $70.2m vs $69.8m
- EBITDA $48.5m vs $48.1m
- Full year EBITDA forecast $89m-$94m
- Interim dividend 6.25 cents per share vs 4.4 cps
The company called the result stable and steady as it looked to drive growth through its Energy Precinct projects and expansion of fuel storage.
It reflected the expiry of the Wiri storage lease in Auckland, with an annual loss of income of about $6m.
It is in the process of expanding storage for aviation fuel for Z Energy and said it had agreed a nine year extension to its contract with Z.
Chief executive Rob Buchanan said it was working on a possible diesel-fueled electricity peaker station for use in times of tight supplies and demand, as well as possible future fuels.
"Future fuels projects are complex and take time, they offer significant fuel security benefits by manufacturing fuel from domestic feedstocks, in addition to aiding the long-term pathway for decarbonisation of aviation and heavy transport which remains reliant on emerging future fuels technologies."
The company said it was now waiting for a final decision whether a proposed bio-fuel refinery will go ahead, and a second project to make sustainable aviation fuel at the site was also being considered.
Last November the company raised $50m for new expanded storage facilities as it agreed to build a bitumen import terminal for Fletcher Building subsidiary Higgins Contractors at Marsden Point.
The company said it would follow through and apply for a listing on the Australian Stock Exchange (ASX) and had an eye for expansion outside of the Marsden Point site.
"Channel remains committed to pursuing the acquisition of terminal assets outside Marsden Point with a view to enhancing the overall quality of the business."
