“Thanks to the resilience of the Port business and infrastructure, built up over a number of years, and the commitment of its people, the Port and our inland port CityDepot kept operating with minimal downtime,” said LPC chairman Rodger Fisher.
The Canterbury region suffered a 7.1 strength earthquake on September 4, 2010, 6.3 on February 22, 2011 and 6.3 on June 13, 2011.
“After each earthquake, critical port services were restored within 96 hours. This is a fantastic achievement given the magnitude of destruction throughout Canterbury,” said Fisher
With the need for additional land, the Company applied for and obtained emergency consents for the 10-hectare Te Awaparahi Bay Reclamation to the east of Cashin Quay. The project is providing an environmentally sensible disposal area for clean demolition hard-fill that would otherwise go to landfill. This solution is saving Christchurch people and businesses more than NZ$100m (US$83m) in dumping fees, and is saving the Port many millions of dollars on quarrying and transporting rock.
The reclamation is now larger than a football field. It will be completed in four stages over two years, and the first stage is expected to be ready for vehicles and logs within a year. The new land will need time to settle before it can be used for container storage.
The Company achieved an earthquake-adjusted profit after tax of NZ$12.1m for the year ended June 2011. This compares with NZ$9m the previous year, an increase of 34.4%. Earthquake-adjusted revenues totalled NZ$93.7m, up 7.3% from NZ$87.3m the previous year.