South Port made a profit of $1.67 million in the six months to December, excluding one-off costs.
The Bluff-based port company achieved a $1.71 million proft in 2009.
It says it could be at least a year until complete confidence is returned to global markets.
South Port chief executive Mark O'Connor said cargo volumes fell 8% to 984,000 tonnes during six months to December, which he said was a credible result in the current economic conditions.
Mr O'Connor said demand for dairy, meat and forestry goods remains relatively strong, and should underpin a steady resurgence in export activity.
He expects the company to make a full year profit of about $3.5 million.
South Port will pay an unchanged dividend of 4.5 cents a share.