NORTH Queensland Bulk Ports Corporation (NQBP) has achieved a solid operating performance across its four ports in the 2016-17 financial year, with a net profit after tax of $22.1 million, despite trade interruptions caused by Tropical Cyclone (TC) Debbie.
NQBP Acting Chief Executive Officer Rochelle Macdonald said the results, outlined in the corporation’s annual report tabled in Queensland Parliament today, are an increase of 20 per cent on 2015-16.
“This year’s result reflects a solid operating performance, improved investment returns as well as the net impact of asset revaluations,” Dr Macdonald said.
“The total tonnage in 2016-17 was 170.5 million tonnes, down 4.3 per cent on last year, despite having been on track for another record year of throughput.
“Our four trading ports had strong trade growth earlier in the financial year, however, TC Debbie, which hit the ports of Abbot Point, Mackay and Hay Point on 28 March, caused trade interruptions, serious flooding and damage to rail lines and some terminal infrastructure.
“The widespread impact of the event on Queensland’s two major coal export ports (Hay Point and Abbot Point), resulted in a loss of approximately 11-12 million tonnes of coal trade.
“Our coal customers – who are benefitting from better market prices – are expected to make up the losses from TC Debbie with additional throughput in 2017-18.
“At the Port of Weipa, (unaffected by TC Debbie), the news was more positive with throughput 10 per cent higher in 2016-17 compared to the previous year, with a growth in bauxite exports.
“Last financial year, NQBP gave particular focus to building trade at the Port of Mackay, including upgrades to port infrastructure and facilities.
“It is therefore pleasing, that despite the extreme weather, there was a small increase in trade at Mackay, lifting by 2.7 percent – the third best annual trade performance on record.
“Overall, notwithstanding the impacts of TC Debbie, NQBP remains one of Australia’s largest port authorities, with more than half of Queensland’s trade, by tonnage, passing through our ports,” she said.
“To achieve this result after TC Debbie is testament to the resilience and recovery effort of North Queenslanders.”
NQBP is the port authority responsible for the four trading ports of Weipa, Abbot Point, Mackay and Hay Point and the non-trading port of Maryborough. With a total asset base of $731.5 million, NQBP’s seaport facilities handle a number of bulk cargoes including coal, bauxite, sugar, molasses, grain, petroleum, fertiliser and general cargo. Learn more about us.
North Queensland Bulk Ports Corporation contact:
Ian McGoldrick | Senior Manager External Affairs
07 3011 7910 | email@example.com