Port Nelson reports $12.7 million underlying profit

Port Nelson has reported an underlying net profit after tax of $12.7 million for the fiscal year ending June 30, 2026. This result was supported by a cargo throughput of 3.8 million tonnes and a 15% year-on-year revenue increase to $96.3 million.

The strong operational performance was driven largely by a 66% increase in log exports following 2025 windthrow events, alongside steady performance in wine, fertiliser, and kiwifruit. Consequently, the company declared a $6.5 million dividend to its shareholder, Infrastructure Holdings Limited, which is owned by the Nelson City and Tasman District Councils.

Despite the underlying profit, the company recorded a total comprehensive loss of $31.5 million. This was due to an annual asset revaluation that reduced the carrying value of its assets by $51 million. According to Chair Jon Safey, the revaluation reflects anticipated reductions in future cargo volumes and higher-than-expected capital expenditure related to the Calwell slipway redevelopment. Safey noted that the revaluation does not impact daily operations, cash flow, or the ability to continue regional investment.