An export boost has lifted revenues at earthquake stricken Lyttelton Port of Christchurch, but the cloud of insurance claims still hangs over its extensive rebuild.
For the year to June, total operating revenue rose 3.1% from $122.9 million last year to $126.7 million, while after-tax profit declined 1.7%, from $17.2 million to $16.9 million.
LPC chief executive Peter Davie said container volumes rose to a record 351,217 teu (twenty-foot equivalent units), dry bulk imports were up 11.2%, including a 42% cement rise, log exports were up 31%, and fuel 8.7%.
Fertiliser imports declined 7.4% and exports of Solid Energy coal plummeted 17.7%, due to mine closures and widespread redundancies.
Port Otago maintains a 15.5% takeover blocking stake in Lyttelton, but no dividend was declared for the year.
Mr Davie said ''insurance challenges remain complex'', but otherwise good progress was made in coverage of material damage, business interruption and contract works.
Total insurance progress payments were up to $53.1 million, including $17.4 million in material damage claims to six key harbour structures, plus $1.8 million for business interruption, after the end of the financial year.
Mr Davie said while insurers had reserved their rights to dispute paying in full, they were proceeding on the basis assets were covered for reinstatement and funds were expected to flow as Lyttelton incurred costs.
Mr Davie said the company was developing its cost estimates on that basis.
''However, uncertainty remains over the extent to which this programme of works will be fully funded from insurance proceeds,'' he said in a statement.
He predicted Christchurch's rebuild would further boost imports, while exports and container numbers would grow from primary produce sources.
