Lyttelton Port Co says it is still working to determine its insurance claim following the September earthquake, despite media reports the claim could be between $50 million and $200 million.
It did not yet have a clear view on the value of the claim, the company said today.
Damage to the port was extensive, and the company was working closely with its insurers to measure the damage to the assets, and to decide the appropriate next steps for reinstatement.
It had insurance cover for asset replacement to current standards, along with business interruption insurance, it said.
Due to accounting requirements in the recognition and timing of insurance proceeds and related spending, the impact on the profit was extremely difficult to forecast now.
The company wanted to assure its customers and shareholders that it would continue to operate and meet customers' needs while repairs were done.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Auckland petrol tax will be in place by mid-next year
- NZ dollar gains as dovish Fed raises questions over rate hikes
- Robertson, Cullen and how not to have tax blow up in your face
- Three-storey motor yacht launched at Hobsonville Point said to be owned by Rich Lister
- Air NZ partners with Swiss travel platform Winding Tree to look at blockchain
Most listened to
- Ryman's Gordon MacLeod on the challenges the business faces
- Rob Hosking runs the rule over the new tax working group
- Charities expert Susan Barker discusses how a law change affects Destiny Church
- StretchSense CEO Ben O'Brien on his company's up-to-$US92m sale
- Sage CEO Stephen Kelly and CFO Steve Hare on Sage's transition to cloud computing
- NBR Radio: The best interviews, with Grant Walker – updated daily