Log exports in the period, the fourth quarter of the firm’s financial year, jumped to 717,000 tonnes. That was 9% higher than a year earlier, and 54% higher than in the June quarter when covid restrictions halted forest harvesting and prevented exports of other non-essential goods.
Napier Port is the country’s fourth-largest container terminal and the sixth-largest bulk cargo operator.
Its bulk cargoes for the year ended September 30 fell to 3.1 million tonnes, down 8.3%. That was driven by an 8% decline in log exports to 2.37 million tonnes due to the lockdown in March and April, but also weak Chinese demand late last year.
Total container movements for the year were marginally lower at the equivalent of 268,000 twenty-foot units. A slight increase in refrigerated fruit and meat exports partially offset weaker dry container volumes of timber, wood pulp and canned foods.
“We are pleased with the recovery we have seen to our key trades since the end of the lockdown period and the positive recovery we have seen in log exports,” chief executive Todd Dawson said.
“Similarly, the local pipfruit sector has managed to export virtually the same quantity as last year’s record season, despite the challenges seen due to covid-19.”
The port’s shares fell 0.6% to $3.60, taking their loss so far this year to 13.5%.
In August, the firm forecast a $20m full-year profit, based on steady freight volumes through June, July and August. The company plans to pay a dividend but will not determine its size until next month.
–BusinessDesk
