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NAPIER PORT Te Herenga Waka o Ahuriri NZX AND MEDIA RELEASE 25 MAY 2021 UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2021 Trade diversity mitigates ongoing pandemic effects HIGHLIGHTS • Revenue rose 0.6 % to $ 52.6 million from $ 52.3 million in the same period last year , despite Covid - 19 preventing cruise vessel visits , which generated $ 4.2 million in the same period last year Bulk cargo revenue increased $ 4.2 million , or 26.5 % , to $ 20.2 million driven by a 20.6 % increase in log exports to 1.43 million tonnes Container volumes of 135,000 TEU were in line with the prior period Result from operating activities¹ decreased 2 % to $ 21.3 million due to a 2.4 % increase in operating expenses Underlying net profit after tax² decreased 5.2 % to $ 10.6 million . Reported net profit after tax decreased 14.9 % to $ 10.6 million due to the reinstatement of tax depreciation on commercial buildings in the prior year Demand for the region's food and fibre exports remains robust , however the impact of labour shortages and supply chains disruption on trade remains uncertain Board resolved to pay a fully imputed interim dividend of 2.8 cents per share , increased from no interim dividend in the prior year Expected underlying result from operating activities for the year to 30 September 2021 remains at between $ 39 million and $ 42 million , assuming a continuation of current market conditions Napier Port ( NZX.NPH ) today reports resilient half year revenue and earnings as the diversity of the Napier Port trade portfolio mitigates the ongoing effects of the Covid - 19 pandemic . Sustained strong log export market conditions resulted in a record log export volume for the first half of the financial year . FINANCIAL RESULTS Revenue for the half year to 31 March 2021 rose 0.6 % to $ 52.6 million from $ 52.3 million in the same period a year ago . Napier Port's total container trade of 135,000 twenty - foot equivalent units ( TEU ) was in line with the prior period , while bulk cargo volumes increased 17.1 % to 1.87 million tonnes from 1.6 million tonnes . Bulk cargo revenue increased $ 4.2 million or 26.5 % , to $ 20.2 million driven by growth in log export volumes . Log exports increased 20.6 % to 1.43 million tonnes due to sustained strong log export market 1 Result from operating activities is an alternative non - NZ GAAP measure and represents core underlying operating earnings . For further information please refer to Note 24 of the 2020 Annual Consolidated Financial Statements and the Supplemental Selected Financial Information . 2 Underlying net profit after tax is an alternative non - NZ GAAP measure that comprises reported net profit after tax adjusted for non - recurring and abnormal items to ensure consistency and comparability of the financial information over the periods presented . For further information please refer to the Supplemental Selected Financial Information .