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NZPA

Trading at LPC behind last year in first three months

Thursday October 29, 05:54 PM

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Lyttelton Port of Christchurch is trading "quite a bit" behind last year but in line with budget in the first three months of the new financial year.

Chairman Rodger Fisher told shareholders at the annual meeting that this was because of differences in the timing of maintenance expenditure and because a changes in the cargo mix in the container business.

"The current financial year remains very challenging, and we cannot ignore that most of New Zealand's trading partners are in or just coming out of recession," he said.

Weak domestic demand was affecting the volumes of imports.

The port is forecasting net profit after tax of $10 million, plus or minus 5 percent, for the year to June 30, 2010.

"At this early stage of the financial year that remains our best projection taking into account the volatile environment we are operating in," Mr Fisher said.

The port reiterated that an independent report by adviser Antipodes being compiled as part of merger talks with Port Otago was delayed until late November of early December because of changes in shipping services.

Any merger would involve a legal separation of infrastructure assets from operations and commercial activities at each port.

"A lot of work is required to get it right."

Mr Fisher thanked majority shareholder Christchurch City Holdings Ltd, the commercial arm of Christchurch City Council, for "letting us get on to run the company".

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