In its report for the year to June, LPC said challenging first-half trading was boosted in the second half with 60% of its after-tax profit achieved in that period, an increase of 21% on the previous year.
However, one-off costs of $600,000 to secure term finance and an additional.
Spending of $500,000 on dredging saw LPC's earnings before interest, tax, depreciation and amortisation decline 1.1%, from $29.5 million to $29.2 million.
LPC maintained its near-silence on the details of the 22-month-old proposed merger with Port Otago, which has a 15% stake in LPC, saying only it believed a merger was "crucial for the long-term viability of New Zealand ports".
Port Otago can expect a $695,000 dividend from LPC for the full year, which is 4.4c per share; 11% down on last year's 4.9c dividend.
Craigs Investment Partners broker Peter McIntyre said the result was "reasonable" and reflected the ongoing economic conditions, domestically and overseas, which remained "flat or subdued".
LPC shares were unchanged at $2.40 yesterday.
In spite of ships visits declining 3.4% to 1116 during the year, coal exports were up 2.7%, fuel 1.1%, motor vehicles 31.1%, logs 58.7% and dry bulk imports 10.7%.
LPC chief executive Peter Davie said total tonnage increased 3.9% to 9.8 million tonnes, and total container volumes increased by 5.3% to 273,789.
"In terms of total tonnage Lyttelton Port of Christchurch remains the largest port in the South Island by a substantial margin, and the third largest in New Zealand," he said in a market statement.
Mr McIntyre said while total tonnage was up, it was not reflected in earnings growth because of the competitiveness in the sector.
LPC chairman Rodger Fisher said the financial year ahead was showing promising signs of producing volume growth across containers, coal and general cargo trade.
LPC was "in a strong position to handle the growth we are confident we will occur as the economy comes out of recession".
