Yet again, the valuation of properties held by subsidiary Chalmers Properties has skewed the bottom-line result, from an after-tax profit of $9.7 million, for the same period last year, to $3.6 million to December.
Last year, Chalmers' booked a $4 million gain on property valuations, but this year that figure was down about $5 million to -$1 million "unrealised"; meaning the valuations are recognised only for accounting purposes and have not been sold.
In a presentation yesterday to 100% shareholder, the Otago Regional Council, of its six months to December operations, new port chairman Dave Faulkner, who is based in Nelson, said the port company maintained a "strong balance sheet and cash-flow . . . and good performance outlook".
He told ORC councillors the dairy industry still offered container growth prospects in the future for Port Otago and it was targeting productivity improvements in container turnaround times to remain competitive for shipping line business.
Revenue for the period was $34.4 million compared with $34.7 million last year, while before-tax profits stood at $6.8 million compared with $6.7 million.
Port Otago repeated last year's dividend of $2.5 million to the ORC, which has been paid.
While container volumes were down slightly from 103,000 last year to 97,600, conventional cargo volumes were well up from 527,000 tonnes to 702,000 tonnes, with a high chance of again breaking through 1 million tonnes for the full year.
However, while overall statistics appeared similar to last year, fewer container ship visits were offset by increased fertiliser, forestry and cruise-ship visits, while a downturn in refrigerated container volumes of 1700 was offset by a 66% increase in log exports.
Possibly because yesterday's report was Mr Faulkner's inaugural results presentation, ORC councillors were relatively animated during question time, requesting more information on productivity - which had increased 21% during the past five years.
Mr Faulkner said it was "hearsay" that Port Chalmers was ranked second in port productivity at present, but he wanted that to increase from a container turnaround of about 23.5 per hour to 30.
This was not linked directly to improving Port Otago's bottom line, but was to "preserve" customers" such as giant shipping line Maersk and remain attractive for its continued patronage.
He forecast the full-year result would be "in line" with last year's, which was an after-tax profit of $7.7 million.
