By Chris Hutching
Friday 1st October 2004 |
Text too small? |
The parties sought a ruling from the Employment Authority after reaching an impasse over a clause relating to the port's ability to recruit permanent part timers and the ratio to full timers
Chief executive Peter Davie said yesterday that after receiving the ruling the two parties had agreed to resume formal talks over the next fortnight.
The talks come against a background of "one-off" payments, special mediators, and resignations of senior board members and executives over the past couple of years.
In the latest annual report Mr Davie and chairman Barney Sundstrum warned shareholders about consolidation of port trade while highlighting the near-monopoly the port holds over ocean freight coming into Canterbury and Solid Energy's coal exports.
The share price has held relatively steady with "buy" quotes at $1.76, albeit down on the high last November of $2.03 a share.
Over the past three years the company has trodden water, with revenue at around $61 million as shipping lines have switched between various ports, while after-tax profit has similarly remained steady around $12 million, but debt and asset levels have risen faster.
The company's overall
financial position is slipping and requires a significant breakthrough such as
an employment agreement or new customers to attract shippers over other ports.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes