Sydney Ports profits on back of imports and exports

Demand for imports and exports boost Sydney Ports’ bottom line to $59 million for the 2010 financial year

December 10, 2010

Sydney Ports Corporation has shaken off the lingering effects of the global financial crisis, announcing an increase in profits on the back of demand for imports and exports.

Sydney Ports’ annual report says net profit grew by 4 percent to $59 million in 2009-2010, while container trade volumes increased by 8.1 percent on the previous financial year to 1.928 million twenty-foot equivalent units (TEU).

"Strong import demand and a resilient export sector have once again pushed Port Botany’s container trade numbers to unprecedented levels," Sydney Ports CEO Grant Gilfillan says.

"We have now seen nine years of consecutive annual container trade growth records for the port."

Revenue increased by 5 percent to $220 million, the report says, with Sydney Ports investing $280 million in new capital projects during the financial year.

During the year the port began a container terminal expansion, which is in its final stages.

Once complete, a third stevedore will begin operating to compete with DP World and Patrick.

Gilfillan says Hutchinson Port Holdings will increase import and export capacity when it begins operating in 2012.

Sydney Ports also oversaw the development of the Port Botany Landside Improvement Strategy (PBLIS), which will next year introduce paid waiting times for the trucking industry.

Currently stevedores do not need to pay truck drivers and operators for time spent queuing, which can sometimes reach five hours.

"Australia’s first operational performance management scheme for ports began implementation at Port Botany in an effort to improve efficiency, consistency and transparency," Gilfillan says.

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