Announcement
FLLYR: MMH: Marsden Maritime Holdings Announces Full Year Result
08:30am
MMH
28/08/2020 08:30
FLLYR
PRICE SENSITIVE
REL: 0830 HRS Marsden Maritime Holdings Limited (NS)
FLLYR: MMH: Marsden Maritime Holdings Announces Full Year Result
The continued expansion of Marsden Maritime Holdings Ltd's (NZX:MMH) non-port
related activities has resulted in an increased trading surplus for the year
ended 30 June 2020 by 4.6% to $9.7 million, up $0.4 million on last year.
Chief Executive Felix Richter said, "We are heartened by these results in the
face of a difficult and uncertain trading environment caused by COVID-19
during the final quarter of our financial year. Our drive to diversify is
delivering results and we are well placed to take advantage of the increased
interest in locating to Marsden Point from exporters and manufacturers who
are currently based in Auckland".
Marsden Maritime Holdings Chairman Murray Jagger said," the Company had
redefined its purpose and developed a long-term strategy to guide growth and
support its joint venture, Northport. This creates the right eco-system to
support our vision of helping to transform Northland's economy over the next
decade".
The reported after-tax profit of $6.7 million for the year ended 30 June 2020
is down $3.0 million compared to last year, as the result of a lower
valuation of its investment property assets. The $3.0 million valuation
adjustment is non-cash and represents 3.8% of total investment property
value. The valuation took into consideration the level of uncertainty that
existed due to COVID-19.
Cargo throughput at Northport was affected during the period COVID-19 Level 4
lockdown but has since returned to expected levels. For the year ended 30
June 2020, Bulk Cargo reduced by 11.5% to 2,998,070 tonnes (2019 - 3,386,730
tonnes). Log exports of 2,250,002 tonnes (2019 - 2,651,307 tonnes) accounted
for 75% of this volume. Annual container volumes were similar to the previous
financial year with 12,314 TEU (2019 - 12,849 TEU) being handled.
The Company will pay a fully imputed final dividend of 9.25 cents per share
on 25 September 2020. This will bring the total dividend distribution for the
year to 16.00 cents per share, the same total as last year.
Marsden Maritime Holdings currently has three major commercial developments
underway which will underpin the continued growth of the Company.
Note:
Trading surplus is an alternate non-GAAP performance measure. The amount
comprises, net surplus before tax excluding revaluation losses, fair value
movements and losses on sale of assets.
ENDS
FOR MORE INFORMATION PLEASE CONTACT:
Gavin Carroll
FINANCIAL CONTROLLER/COMPANY SECRETARY
Ph: (09) 432-5052
End CA:00358823 For:MMH Type:FLLYR Time:2020-08-28 08:30:23
Click here
to view related attachments.
