The annual statement outlines port policy for the next three years, with full year to June results released in early September.
Councillors yesterday asked if Port Otago dividend policy could be maintained, and how that could impact on the port's ability to maintain debt.
Mr Plunket said Port Otago's board and the ORC had agreed for ''several years now'' that the dividend be in a range of 70% to 80% of after-tax profit, which would continue, but the dividends did not impinge on its debt maintenance, with debt levels ''steady'' in recent years.
''The port's debt is funded so that dividends can be funded by [annual] cashflow.''
The ORC, as 100% owner of Port Otago, has since 1988 received more than $114 million in dividends.
On the future policy of subsidiary Chalmers Property (CP), Mr Plunket said once developments of land banks in Hamilton were completed, Chalmers Property would shift emphasis to redeveloping existing buildings, including an expansion of its Auckland properties.
However, the bulk of CP's land portfolio remained in Dunedin, and Port Otago would consider selling some of its leasehold land to interested businesses for development.
On the subject of dredging the upper harbour, from Port Chalmers to Taiaroa Head, Mr Plunket said a final decision was likely to be made by the end of the year, after consultation with customers and other ports, which would include whether Port Otago undertook the work or tendered out the job to contractors.
Logs would continue to be stacked at Leith wharf
as tonnage was up from 300,000cu m about three years ago to 600,000cu m to 700,000cu m per year. Asphalting of the wharf would be done ''in the near future''.
When asked about road versus rail deliveries, Mr Plunket said rail deliveries at 60% were the highest for any port in the country, and the 60:40 rail-road ratio was likely to remain unchanged, but volumes on both services were expected to creep up.
For the first time, Port Otago had achieved the ''significant milestone'' of booking no lost time due to injuries during the past year, Mr Plunket said.
It would now target a higher threshold beyond ACC requirements.
