14 Dec 2011

Port of Napier lifts profit by a quarter

6:59 am on 14 December 2011

The Port of Napier has lifted its profit by a quarter, due to the growth in logs exported.

Excluding deferred tax charges, the port made a profit of $10.9 million in the year to September, an increase of 26% on the previous year.

Revenue rose 11% to $54 million, led by a jump in exports, particularly logs, which passed the 1 million tonne mark for the first time.

The port will pay a final dividend of $2.8 million to Hawke's Bay Regional Council, bringing the total for the year to $5.7 million.