• ​Profit after tax from trading was $26.9m, up 8.2% on last year
• Reported net loss after tax of $11.9m (last year $23.3m profit). The decline was caused primarily by the impairment on land value of $38.9m. This decrease in land value was more than offset by an increase in valuation on wharves and buildings of $60.0m included in other comprehensive income.
• Multi-Cargo business performed strongly, EBIT up 21.4%
• Container Terminal volumes down 12.6%, EBIT down 16.1%
• Interest expense and taxation down 14.0% and 23.6 % respectively
• Dividend was $20.1m up 11.7% on last year

Ports of Auckland’s Multi-Cargo division, which handles break-bulk cargo and vehicles, delivered a strong full-year result, with EBIT up 21.4%. Break-bulk tonnage was up almost 10% and vehicle volumes up almost 17%.

Marine Services gained additional revenue from the cruise operation assisted by the Rugby World Cup, and from providing tug boat assistance in the Rena salvage operation, with EBIT up 45.7%.

The container terminal business suffered from the loss of a major service and prolonged industrial action resulting in a significant fall in volume (down 12.6%) and EBIT (down 16.1%). These events and restructuring costs were the main contributors to the 6.4% fall in total EBIT from trading.

Total interest-bearing debt at 30 June 2012 was $223.6m, down on $240.3m at 30 June 2011. Interest expense was $17.8m, down $3m on last year reflecting lower debt and interest rates.

Taxation expense was down $2.85m on last year as a result of a prior period adjustment.

The dividend declared to Auckland Council Investments Limited for 2011/12 was $20.1m, 11.7% up on the 2010/11 dividend of 18m.

“It has been a difficult year for Ports of Auckland”, said Chief Executive Tony Gibson “but the strong result from the non-container divisions offset the decline in our container terminal business.”

KEY FACTS - For the financial year 2011/12:

• Ports of Auckland’s total container volume (TEU) fell by 9.6% compared to 2010/11, from 894,383 TEU to 808,654 TEU.
• The volume of containers handled by the container terminals (which were impacted by the strikes and lost business) fell by 12.6% from 788,150 to 689,099.
• The volume of containers handled by the multi-cargo division increased by 12.5% from 106,233 in 2010/12 to 119,555
• Break-bulk tonnage was up 9.8% from 3,525,505 tonnes in 2010/11 to 3,871,182 tonnes.
• Vehicle volumes increased 16.9% from 144,616 in 2010/11 to 169,098