The company’s property holdings delivered a 33% gain in net surplus of $407,000 in the first half.
Marsden Maritime Holdings, which owns half of the Marsden Point-based Northport along with a marina, commercial facilities and land, lifted first-half profit 2.9%, with cargo volumes crossing the port largely flat.
Net profit increased to $4.1 million or 10.3 cents per share in the six months ended 31 December from $4 million or 9.74 cents a year earlier, the Whangarei-based company said in a statement. Revenue from its half-share in Northport slipped 1.9% to $4.2 million, even as cargo volumes rose 2.6% to 1.66 million tonnes in the period, the bulk of which was export logs.
Marsden and Port of Tauranga each own 50% of Northport, and Marsden also owns 100% of Marsden Cove and Marina. The company itself is about 54% owned by Northland Regional Council and 19.9% by Ports of Auckland.
The company’s property holdings delivered a 33% gain in net surplus of $407,000 in the first half on largely flat revenue of $677,000, while its marina and commercial unit tripled earnings to $90,000 as it more than doubled revenue to $706,000.
The board declared an interim dividend of 5.5 cents per share that was payable on 18 March with an 11 March record date, up from 5.25 cents a year earlier.