Shipping profit $816,000
The Shipping Corporation of New Zealand returned a group operating; surplus of $3.488M in the financial year ended March 31, according to its annual report tabled in Parliament. Group surplus in the 1976-77 year was about SIM less. After taking into account extraordinary items, the group profit for the year was slightly reduced to $816,000. The subsidiary New Zealand Line recorded a profit of SI.BM before tax and extraordinary items. The Minister of Transport (Mr McLachlan) said that the corporation was continuing to increase its trade with Britain and other European countries. “With the advent of the 44,000-tonne refrigerated container vessel, New Zealand Pacific, which went into service recently, the corporation will consolidate itself as New Zealand’s national shipping arm,” he said. The corporation was continuing to diversify its trading patterns, Mr McLachlan said.
“The service with Japan is continuing, and the service with Korea has begun to develop significantly.” The corporation has also extended its Pacific trade to include Tahiti with the introduction of two new vessels, “Tiare Moana” and “Fetu Moana.”
“This will provide ■ a vital link between New Zealand and the Pacific Islands/’ Mr McLachlan said.
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Press, 11 October 1978, Page 1
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192Shipping profit $816,000 Press, 11 October 1978, Page 1
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