Northland Port Corp [NZX: NTH], which owns half of the Whangarei port's operating company, has sold its 50 percent stake in North Port Coolstores to partner NPC Investments for $1.8 million.
The company will realise a gain of some $800,000 from the sale which will be accounted for in its second half earning of this financial year, it said in a statement. The coolstores made an after tax contribution of $200,000 to the port company's profit of $6.7 million in the 2013 year.
"In a strategic context, the board believes that the company's longer term interests will be best served by focusing on new and existing activity within the Marsden Point area where our other business interests are located and our small management team is based," chairman Sir John Goulter said.
Northland Port is 54 percent owned by Northland Regional Council and about 20 percent by Ports of Auckland. It owns half of Northport, the terminal operator, in a joint venture with Port of Tauranga.
Northland Port's other interests include stevedoring and 185 hectares of land at Marsden Point. The bulk of its earnings come from port operations.
Its shares were unchanged at $3.06 and are up 8.9 percent this year.