Ports North a strong performer for Far North Queensland
Published: 2nd October 2018
Ports North continues to be a major contributor to regional economic growth with an almost doubling of operating profits in the 2017-18 financial year.
“We have pushed into new growth areas with excellent results,” Ports North Chairman Russell Beer said. “And when we build our port capacities, we also build greater economic opportunity for our port communities.”
The corporation’s operating result after tax for the year ended 30 June 2018 was $16.1 million, which compares to $8.8 million in the previous year. Before tax, the result was $25.2 million compared with $13.2 million the previous year.
Asset valuation transactions increased profit before tax by $11.6 million compared with $3.0 million last financial year, and the underlying operating result (excluding asset valuation transactions) in FY2018 was $13.7 million compared to FY2017 of $10.2 million.
“This improvement of $3.5m in our underlying operating result has been driven by a rise in maritime-related revenue, in particular, the very successful securing of project cargo contracts for the Mt Emerald Wind Farm and Amrun Mine projects, which lifted our trade volumes,” Mr Beer said.
“We had around 5 million tonnes of cargo making its way through Far North Queensland’s ports bound for domestic and international markets.
“And we will continue to champion the case for the development of Far North Queensland as a supply hub and source of goods and services to other areas of Northern Australia, as well as the neighbouring Asian and Pacific regions.”
Overall, Ports North’s financial results for the year reflect a “strong performance” Mr Beer said, with property revenue growth through new rentals and improved rental returns and an upturn in tourism sparking increases in cruise and super yacht visits, marina activity and reef passenger numbers.
In Cairns, the Reef Fleet terminal and Cruise liner terminal alone attracted more than one million visitors from Australia and around the world, and cruise ship visits reached 58 during the financial year.
“These sorts of results are very good news for the region,” Mr Beer said.
“Our ports are critical to the FNQ economy representing $1.8 billion gross value added and 17 per cent of the gross regional product,” he added. “And across all of our ports we continue to seek new ways to sustainably grow our infrastructure.”
Increased activities and new operations and projects underway include:
The Cairns Shipping Development Project, which will widen and deepen the existing port channel to allow larger cruise ships to enter
- A partnership with the State Government to develop a Tropical North Global Tourism Hub to enhance tourism infrastructure and secure the Port of Cairns’ long-term future.
- An agreement with New Century Resources to re-establish trans-shipping operations through the Port of Karumba which also provided for the re-establishment of the port’s channel and ongoing annual maintenance dredging.
- The negotiation for Metro Mining to commence bauxite exports through the Port of Skardon River with a transhipping arrangement now operating.
- A feasibility study between Ports North and United Petroleum to construct a fuel importation, storage and distribution facility at the Port of Mourilyan worth more than $30 million.
Further information on the annual report is available at www.portsnorth.com.au
Andree Stephens, Ports North Communications Advisor, 07 4052 3815