Announcement
HALFYR: QHL: Half-year results to 31 December 2020
11:28am
QHL
02/03/2021 11:28
HALFYR
PRICE SENSITIVE
REL: 1128 HRS Quayside Holdings Limited
HALFYR: QHL: Half-year results to 31 December 2020
Quayside Holdings Limited is pleased to present the results for the interim
period ending 31 December 2020. Group Net Profit after Tax (NPAT) for the
six months was $80.7 million (2019: $65.7 million), an increase of 23%. The
performance of the Group is comprised of the result from the 'Port of
Tauranga Group' (Port segment) and the 'Quayside Group' (Investing segment)
as follows:
Port of Tauranga Group Performance
The Port of Tauranga has increased profitability for the first six months of
the 2021 financial year despite widespread disruption to cargo volumes and
port operations. Net Profit After Tax was $49.4 million, which was 2.3%
higher than the same period the previous year, despite a 1.3% decrease in
total trade volumes to 13.1 million tonnes. The Port of Tauranga's revenue
increased 3% to $159 million due to greater income from the container
terminal and strong performances from Subsidiaries and Associates which saw a
22.3% in earnings. Overall operating costs increased 5.2%, which includes
increased costs due to the ongoing impacts of the Covid-19 pandemic.
During the period, the Port of Tauranga completed the acquisition of Kotahi
Logistics' 50% shareholding in Timaru Container Terminal. The terminal is now
being operated by Port of Tauranga's subsidiary, Quality Marshalling.
The Port has applied for the Covid-19 recovery fast-track resource consenting
process for its proposed berth extension at the Tauranga Container Terminal.
The fourth berth will be created by converting 220 metres of cargo storage
land to the south of the existing wharves. The $68.5 million project will
create an estimated 368 jobs through the construction phase and more than 81
permanent jobs after completion.
Quayside Group Performance
The Quayside Group delivered a profit of $31.2 million (2019: $17.4 million)
after tax for the first half of the year. The Quayside equity portfolio
delivered a return of 18% for the six months (2019: 10%) reflecting the
strong performance of the NZX in the second half of the year. The 5-year
rolling return form the equity portfolio remains strong at 15%. Quayside also
continues to see strong returns from its orchards and other commercial
investments.
Attachments:
o Appendix 1
o Interim financial statements to 31 December 2020
Scott Hamilton
Chief Executive
Quayside Holdings Limited
Ph: (07) 579 5925
E-mail: enquiries@quaysideholdings.co.nz
End CA:00368479 For:QHL Type:HALFYR Time:2021-03-02 11:28:23
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