Centreport profit benefits the region

Centreport’s $14.7 million profit for 2011 underlines that it’s an important strategic asset for the region, Greater Wellington Regional Council Chair Fran Wilde says.

“The benefits of Greater Wellington’s stake in Centreport are two-fold – it keeps an important ocean freighting hub in public ownership and is a profitable investment for Greater Wellington and therefore the entire region,” says Chair Wilde. (Greater Wellington and Horizons Regional Council are joint owners of Centreport.)

Centreport’s underlying profit before tax and fair value adjustments was $14.7 million – an increase of $1.0 million compared to its $13.7 million underlying profit in 2010. This increase is mainly due to higher port revenues.

Greater Wellington receives returns on this investment by way of dividends, subvention payments and the underlying increase in the value of the company.