LYTTELTON Port Company chair Barry Bragg has welcomed a substantial improvement in the port’s financial and operational performance in FY 2025.
LPC has reported a record underlying net profit after tax of NZ$25.2 million, up 62.8% from the FY24 result of $15.5 million, while EBITDA for the year was a record $63.4 million, a 21.1% increase from FY24. This was driven by a rise in total revenue, which increased by 6.8% to a record $207 million.
“LPC will continue to focus on delivering higher returns to support the port’s growth,” Mr Bragg said, while also emphasising the importance of safety, efficiency and productivity for customers.
“We are committed to delivering safe and efficient performance, which remains a major focus for our board and management. The Board remains focused on driving significant improvements in Health and Safety. Our comprehensive action plan includes enhancing leadership, work practices, and asset upgrades to ensure a healthy workforce,” Mr Bragg said.
Total container volumes were slightly down at 431,556 TEU, a 3.7% decrease compared to FY24’s 448,364 TEU; however, general cargo volumes of grain and fertiliser were substantially higher, reflecting the positive outlook for the agricultural sector.
Total bulk imports were up 24%, with tonnage increasing from 671,449 tonnes to 833,116 tonnes. Fuel was up 4.4%, and cars increased from 34,198 to 35,233, a 3% increase compared to FY24. Logs exports decreased 2.3% from 394,376 tonnes to 385,500 tonnes in FY25.
There was a 33% decrease in vessel turnaround times, and a 7.9% drop in Scope 1 emissions.
“Our team has worked diligently to improve our operational performance and manage our capital and operating costs,” said LPC CEO Graeme Sumner.
“Importantly, we have achieved this while implementing a comprehensive risk management program designed to reduce health and safety risks in our business,” he said.
During the year, LPC paid a total of $12.1 million in dividends, including a final dividend of $8.3 million from FY24 and an interim FY25 dividend of $3.8 million.
“FY26 replacement capital expenditure is expected to be flat while total capital expenditure will be significantly higher due to the Te Awaparahi Bay reclamation project,” Mr Sumner said.
The FY25 results show progress towards LPC’s goal of cutting Scope 1 and 2 emissions by 50% and selected Scope 3 emissions by 30% by 2030.