Ports of Auckland (POAL) will pay a smaller dividend to Auckland Council following a tough year that included a work place death and various pandemic related disruptutions.
Container volumes decreased by about 62,000 to 818,238 units. Photo: RNZ / Kymberlee Fernandes
Its net profit for the 12 months to June nearly doubled on last year to $45.6 million, but this included a $28m dollar property revaluation gain.
Accounting for one off items, the council-owned company's underlying profit was down by a third to about $21m dollars due to the absence of cruise ships and fewer shipping containers going through its terminal.
Container volumes decreased by about 62,000 to 818,238 units and only 975 ships came through the port, 303 fewer than in 2020.
Revenue fell from $231.4m to $226.3m.
The Port had faced intense scrutiny over the past year following a workplace death, a damning health and safety report, and extensive freight delays.
The company also lost its chief executive and board chair, both of whom resigned.
"This year has been tough," POAL chief executive Wayne Thompson said, "The combined impact of the pandemic and a fatal accident a year ago has had a heavy impact on our people and the business.
"At the container terminal the result was congestion and reduced volume," he said.
The Port's dividend payout to the council was $3.7m compared with $4.9m last year.
Thomspson said in the coming year it was focused on getting the company back on track.
"We will continue the good work our teams have been doing to improve safety and develop a strong safety culture right across the business.
"We will focus on completing automation, and we'll focus on safely getting productivity back to higher levels."
Getting the essentials right and keeping our costs under control will ensure we can deliver higher returns, he said.