Expansion

Press, 9 November 1978, Page 4

Expansion

The New Zealand Shipping Corporation is continuing to expand its operations in spite of the iownturn in world shipping trade.

The corporation is reaching out into the United Kingdom and other European container trades and preparing to compete with * specialised type of modern generation container ship such as the New Zealand Pacific.

The corporation has also expanded its agency and managed trades covering regions in the Caribbean as well as the Pacific Islands — Tahiti, Papua New Guinea, Fiji and other Pacific Islands nations.

In the 1977-78 annual report of the corporation tabled in Parliament, praise was given to the encouraging support received in the competitive areas of operation from many importers and exporters who recognised the benefits of developing

a strong shipping organisation pledged to support New Zealand’s trading interests. The group operating surplus of $3,488,000 exceeded last year’s result by 32 per cent largely as a result of an 89 per cent increase in the operating surplus from New Zealand Line, Ltd. The Shipping Corporation of New Zealand. Ltd 1 operating surplus decreased marginally due to the predicted decline in agency operations, and an initial trading loss in the Japan trade. The extraordinary item* and increased finance costs reduced the surplus to a group net profit (after tax) attributable to the Corporation of $816,000 compared with $1,082,000 for the previous financial year. Accumulated profits now total $4,340,000.