Mike King, Special Correspondent | Aug 25, 2012 10:25AM EDT
New Zealand’s Ports of Auckland blamed strike action for its slide in volume and profit in the fiscal year ending June 30.
The council-owned port operator reported a net loss after tax of $11.9 million, compared with a year-earlier profit of $23.3 million.
Container terminal volumes fell 12.6 year-over-year to 809,000 TEUs and profit from the sector declined by more than 16 percent after Maersk transferred its Southern Star service, accounting for some 52 annual calls, to Tauranga port after prolonged industrial action by the Maritime Union of New Zealand at Auckland.
“It has been a difficult year for Ports of Auckland,” said Chief Executive Tony Gibson, “but the strong result from the non-container divisions offset the decline in our container terminal business.”
The company’s multicargo division, which handles breakbulk cargo and vehicles, saw profit increase 21.4 percent, breakbulk tonnage rise almost 10 percent, and vehicle volume grow almost 17 percent.
Contact Mike King at michael@borderline.eu.com.
