Windfarm and mining project cargo has helped Ports North almost double operating profits in the 2017-18 financial year.
The corporation’s operating result after tax for the year ended 30 June 2018 was $16.1 million, and the underlying operating result (excluding asset valuation transactions) was $13.7 million compared to a FY2017 result of $10.2 million.
“This improvement of $3.5 million 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,” Ports North chairman Russell 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.”
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.
- 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.