Monday 25th February 2019 |
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Quayside Holdings, which owns 54.2 percent of Port of Tauranga, reported a 62.4 percent drop in first-half net profit, reflecting losses on its equity portfolio.
The Bay of Plenty Regional Council-owned investment company made a $15.4 million net profit for the six months ended December compared with a $41 million net result in the same six months a year earlier.
Port of Tauranga reported a 4 percent increase in first-half net profit last week while Quayside’s non-port investments made a net loss of $11.4 million compared with a $15.2 million net profit in the year-earlier first half.
Nevertheless, Quayside says it has paid the council $20.8 million in dividends for the six months, up from $17 million in the previous first half.
“The Quayside equity portfolio delivered a gross unrealised loss of 5 percent for the six months” compared with a 10.5 percent gain previously, which it says is “a result of global uncertainty in the markets in the last quarter of the period.
“Despite this, the five-year rolling return from the equity portfolio remains strong at 11.82 percent,” it says.
“Quayside also continues to see strong returns from its orchards and other commercial investments.”
Despite the loss on investments, net assets attributable to its shareholder rose to $820.9 million from $692.4 million.
Quayside says it entered into a joint venture, Tauranga Commercial Developments, to develop commercial property in Tauranga during the latest six months.
Quayside's stake in the port had a market value of $1.84 billion at Dec. 31.
The firm's balance sheet shows it also held $1.26 million investments in biological assets at Dec. 31, up from $675,000 in the year-earlier six months. It held other equity accounted investments worth $163.1 million, up from $147.3 million, and $164.1 million of other financial assets, up from $153.6 million.
Quayside’s investment property was valued $24.4 million, up from $19.1 million.
(BusinessDesk)
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