South Port's earnings rise

Profit was probably NZ$2.3 million to NZ$2.35 million in the 12 months ended June 30, up from NZ$2.23 million a year earlier. The company had previously forecast profit would drop 5% to 10%.

South Port had stronger-than-forecast bulk and containerized cargo activity in May and June, reflecting an increase for fertilizer, forestry and dairy, and start of the weekly MSC Capricorn container service, said chairman John Harrington, in a statement.

Annual cargo tonnage rose to a record 2.25 million tones from 2.16 million tones a year earlier, which was the port's previous record.

By Jonathan Underhill

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