New Zealand: PrimePort Timaru Posts First-Half Loss

PrimePort Timaru Posts First-Half Loss

PrimePort Timaru has released its six-month report to December 31, 2011. The projected June 30 year end result is forecasted to show a loss of $200,000, compared to a profit of $2.08 million for the same period the year before.

“This is a significant decrease on last year’s profit of $844,000. While this is a very disappointing result the port has incurred extra ordinary expenditure over this period,” PrimePort chief executive Jeremy Boys said.

Dredging costs are significantly higher than typical and represent more than one event,” Boys said.

The financial statement shows dredging had cost $1.02m for the first six months, compared to $248,000 for the same six-month period the year before, which came in at $1.357m at the year end.

Dredging Today Staff, March 6, 2012; Image: teara

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