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Profit plunge sparks call to sell New Zealand port
2009/3/13
The prospect of New Zealand''s largest port operation being sold to private owners has been raised as a result of the global economic situation, the New Zealand Herald reported.
Ports of Auckland board chairman Gary Judd suggested it could be the right time to consider privatisation after the company''s half-year result showed a sharp drop in profit.
His proposal did not get support from the public owner yesterday.
But the future of that owner, the Auckland Regional Council which owns 100 per cent of the ports company through its investment arm, Auckland Regional Holdings, is in doubt as the Royal Commission of Inquiry on Auckland Governance considers the local political structure.
The company''s half-year result showed a 26 percent drop in profit from the same period last year to US$4.7 million.
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2009/3/13