Darwin Port records strong operating result in FY19
Landbridge Group has announced the Darwin Port’s financial results for the 12 months to 30 June 2019 (FY19).
Landbridge reported a strong operating performance for the year, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 17.4% on the prior year to $25.3 million, on the back of an increase in revenue to $59.7 million.
The result was in line with expectations, including for growth in cash earnings, and reflected an increase in volumes of liquefied natural gas (LNG) shipped through the port after the Ichthys LNG Project moved to full production in late 2018. It was also supported by a solid performance from the Marine Supply Base operating at the Port.
“We’re very pleased with the performance of Darwin Port to date, and continue to work with industry to develop opportunities for northern Australia,” said Managing Director for Landbridge Australia, Mike Hughes.
On a statutory basis – including depreciation, amortisation and finance costs – the Port recorded a loss of $20.2 million in FY19, compared with $19.3 million the previous year. Landbridge expects the Port to increase in value as a cash-generating asset as northern Australia’s economy continues to grow.
Overall, the FY19 result contains encouraging signs that Darwin Port is delivering on its potential as the strategic gateway from northern Australia to export markets in Asia, and is on its way to becoming the benchmark for operational efficiency amongst Australian ports.
Upcoming updates to Darwin Port’s infrastructure at East Arm and Fort Hill Wharf will ensure the Port keeps pace with demand as northern Australia becomes an increasingly attractive destination for domestic and foreign investment in export industries with strong Asian consumer bases, for which Darwin Port is well-situated.
Mike Hughes, MD of Landbridge Australia, discusses the Port’s 2019 Financial Results:
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