Ports North said in its latest release that they continue to be a major contributor to regional economic growth with an almost doubling of operating profits in the 2017-18 financial year.
“We have pushed into new growth areas with excellent results,” Ports North Chairman Russell Beer said. “And when we build our port capacities, we also build greater economic opportunity for our port communities.”
The corporation’s operating result after tax for the year ended 30 June 2018 was $16.1 million, which compares to $8.8 million in the previous year. Before tax, the result was $25.2 million compared with $13.2 million the previous year.
Asset valuation transactions increased profit before tax by $11.6 million compared with $3.0 million last financial year, and the underlying operating result (excluding asset valuation transactions) in FY2018 was $13.7 million compared to FY2017 of $10.2 million.
“This improvement of $3.5m in our underlying operating result has been driven by a rise in maritime-related revenue, in particular, the very successful securing of project cargo contracts for the Mt Emerald Wind Farm and Amrun Mine projects, which lifted our trade volumes,” Mr Beer added.
Increased activities and new operations and projects underway include:
The Cairns Shipping Development Project, which will widen and deepen the existing port channel to allow larger cruise ships to enter:
- A partnership with the State Government to develop a Tropical North Global Tourism Hub to enhance tourism infrastructure and secure the Port of Cairns’ long-term future;
- An agreement with New Century Resources to re-establish trans-shipping operations through the Port of Karumba which also provided for the re-establishment of the port’s channel and ongoing annual maintenance dredging;
- The negotiation for Metro Mining to start bauxite exports through the Port of Skardon River with a transhipping arrangement now operating;
- A feasibility study between Ports North and United Petroleum to construct a fuel importation, storage and distribution facility at the Port of Mourilyan worth more than $30 million.