PrimePort Timaru's turbulent year ends with $5.6m profit
PrimePort Timaru has overcome a turbulent end to the financial year to post an almost 40 per cent profit increase.
Even though bulk cargo volumes were down 10.2 per cent because of the Covid-19 pandemic, the port operator announced on Wednesday an after tax net profit of $5.6 million for the 2019-2020 financial year, an increase of $1.6m on the previous year.
The drop in bulk cargo volumes was “mainly due to a significant decrease in export log volumes” a statement from the company, jointly owned by Timaru District Holdings Ltd and the Port of Tauranga, said.
PrimePort chairman Roger Gower said the overall result demonstrated the company’s resilience and strength.
“Despite a sharp drop in cargo volumes and the shutdown of non-essential operations during the Level 4 lockdown, we managed to increase profits,’’ Gower said.
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