Ports of Auckland has made a flat profit as it invests to meet future demand and growth.
Photo: 123rf
Its profit in the six months ended December was $29.2 million, compared with $29.3m last year.
The port, which is the second largest in the country, handled slightly more containers at 508,262 while cruise ship visits were up by more than half to 42 because of an increase in visits in September and October.
Chief executive Tony Gibson said it had a significant capital expenditure programme underway to increase capacity and develop freight hubs in South Auckland and Waikato.
"Auckland is growing by around 50,000 people a year and is expected to have a population of two million people by 2028," he said.
The government has started a planned review of shipping facilities in the upper North Island, with a feasibility study of a potential shift] of the port to Northland.
Mr Gibson said regardless of the future, it still needed to invest now.
"In the interim, additional investment is needed so the port can handle the increased demand for freight that will come from this population growth."
Ports of Auckland will pay its owner, Auckland Council, a slightly lower dividend of $23.8m.
The result is smaller than what was reported by the largest operator, Port of Tauranga, which made $47.1m and handled 591,000 containers in the same six months.
It is benefiting from a $350m investment in dredging and infrastructure expansion and had hopes of handling 1.2m containers this year.