PrimePort Timaru has released its six-month report to December 31, 2011. The projected June 30 year end result is forecasted to show a loss of $200,000, compared to a profit of $2.08 million for the same period the year before.
“This is a significant decrease on last year’s profit of $844,000. While this is a very disappointing result the port has incurred extra ordinary expenditure over this period ,” PrimePort chief executive Jeremy Boys said.
“ Dredging costs are significantly higher than typical and represent more than one event, ” Boys said.
The financial statement shows dredging had cost $1.02m for the first six months, compared to $248,000 for the same six-month period the year before, which came in at $1.357m at the year end.
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Dredging Today Staff, March 6, 2012; Image: teara