Australia: Port of Melbourne Report Sets Solid Foundation for Expansion

Port of Melbourne Report Sets Solid Foundation for Expansion

The Port of Melbourne Corporation’s 2011-12 Annual Report, tabled in the Victorian Parliament today, sets a solid foundation for the $1.6 billion Port Capacity Project, Minister for Ports Denis Napthine said today.

“The Port of Melbourne recorded increases across all cargo types in 2011-12 leading to a record overall throughput of 87 million revenue tonnes,” Dr Napthine said.

This includes 2.58 million twenty-foot equivalent unit (TEU) container movements, increasing from 2.39 million TEU the previous year.

“A total of 56 cruise ships also visited Melbourne in 2011-12 with the Queen Mary 2 making her maiden visit to Station Pier in March. 36 cruise ships docked at Melbourne the previous year,” Dr Napthine said.

The Port of Melbourne Corporation (PoMC) recorded an underlying profit of $59.2 million. PoMC’s annual report shows a reported profit after income tax of $99.8 million in 2011-12 which was influenced by two abnormal adjustments – the accounting treatment applied to an asset transfer from the Department of Transport to PoMC and an increase in the liability associated with a PoMC related Defined Benefits Superannuation Scheme.

“The underlying profit result of $59.2 million is a great outcome and I congratulate PoMC Chairman Mark Birrell, Chief Executive Officer Stephen Bradford and the whole team for this terrific achievement,” Dr Napthine said.

“This result will serve as a solid foundation for the Port as we embark on an exciting period of growth with the $1.6 billion Port Capacity Project which will see increased container capacity at the existing Swanson Dock terminals, the construction of new state-of-the-art container and automotive terminals at Webb Dock, and a new onsite Pre-Delivery Inspection Hub for all export and import motor vehicles.

“The Port of Melbourne facilitates the movement of more than $80 billion worth of cargo and generates employment for over 15,500 Victorians.

“The Victorian Coalition Government recognises the critical role the port plays in the state economy and has acted to ensure the port has the capacity to meet future trade needs and continues to deliver economic prosperity for the state,” Dr Napthine concluded.

[mappress]

Press Release, October 11, 2012

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