The operator of Australia's largest container port, the Port of Melbourne Corp, saw net profit for the 2007-08 financial year more than double to US$37.21 million on the back of strong growth in container trade, reported The Australian.
In 2006-07, the corporation booked a net profit of $18.9 million, but net profit adjusted for expenses related to the channel-deepening project in Victoria's Port Phillip Bay was $30.93 million in that year.
Total revenue for the year to June 30, 2008, rose by $25.26 million to $147.38 million.
Port of Melbourne Corp chief executive Stephen Bradford described the result as excellent. “In a challenging trading environment, which included higher fuel prices and ongoing drought conditions in southeastern Australia, we have invested a further $41.68 million during the year in essential port infrastructure,'' he said.
Bradford said the corporation had invested an additional $108.97 million in deepening the shipping channel in Port Phillip Bay, and dredging was now 31 per cent complete, with a total volume of 7.25 million cubic metres dredged to date.
The corporation said the profit result benefited from a 7.8 per cent increase in total container trade to 2.25 million TEUs.
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