Record HY26 lifts NPAT 46.6% on cargo and smelter recovery
Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.
Published 23 April 2026
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Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.
Published 23 April 2026
Read briefingAn unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.
Published 23 April 2026
Read briefingHeadline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.
Published 23 April 2026
Read briefingA NZ$6.5m working-capital release and NZ$5.75m of additional borrowings funded a 27.0-cent dividend that swallowed almost all of a tax-distorted NPAT.
Published 23 April 2026
Read briefingA flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.
Published 23 April 2026
Read briefingOperating performance was steadier than headline NPAT suggests, but the maintained 27.0c dividend ran at 341.5% of free cash flow as net debt rose.
Published 23 April 2026
Read briefingGross borrowings rose 42% to $35.5m to fund expansion while PBT fell 14.3% and container and log volumes contracted sharply.
Published 23 April 2026
Read briefingReported NPAT growth of 19.6% masks a sharp investment cycle that pushed gross borrowings from $9.0m to $25.5m.
Published 23 April 2026
Read briefingContainer volumes fell 23% and operating cash flow dropped 11%, while gross borrowings rose $14.0m to fund a 26.1% jump in total assets.
Published 23 April 2026
Read briefingHeadline NPAT rose 13.8% but doubled capex cut pre-lease FCF to $4.7m, leaving the 27.0c full-year dividend at 150.7% of free cash.
Published 23 April 2026
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