Blow to port’s profits

Northport’s half-owner Marsden Maritime Holdings (MMH) has warned shareholders of a drop in full-year earnings.

The NZX-listed company, which also has interests in marina operations and commercial property, expects its underlying earnings to be between $8 million and $8.5m for its 2021/22 financial year.

At the range’s upper end, guidance is down by 19.8 per cent on 2021’s underlying earnings of $10.6m due to lower volumes, particularly log exports.

In its first-half results, which were published in February, the company reported profit of $4.6m. That was down by 11.5 per cent from $5.2m in the comparable period.

Northport, pictured, isn’t alone in recording lower cargo numbers. Earlier this month, Napier Port lowered its full-year guidance after volumes and associated income slumped in its first half.

Napier’s container imports and bulk-cargo volumes dropped by 16.6 and 8.7 per cent respectively in the half-year to March 31 because of pandemic-related worker shortages and an escalation in supply-chain disruptions.

In February, Port of Tauranga recorded a 15.6 per cent first-half profit increase to $56.3m for the six months up to December 31.

MMH is 53.6 per cent owned by Northland Regional Council, with Ports of Auckland Ltd (POAL) holding 19.9 per cent. The balance is held by the public. The other 50 per cent of Northport is owned by Port of Tauranga. 

Felix Richter, MMH’s chief executive resigned in October 2021. He will be replaced by Rosier Mercer, POAL’s general manager of sustainability, on July 1. Company secretary Gavin Carroll is acting CEO in the meantime.