Cold weather fired Milford Haven Port Authority profits
6:10pm Sunday 29th April 2012 in News
The exceptionally cold snap of early 2011 has helped to contribute towards an increase in profits for Milford Haven Port - but warmer weather over the recent winter could see those profts fall back next year.
The port, the UK's third largest, saw profits rise for the fifth consecutive year with a pre-tax profit of £8.1m on a turnover of £29.5m in 2011, up from £7.1m on a turnover of £27.8m in 2010. Milford Haven Port Authority said the improvement had been aided by increased fuel demand during the cold weather in the first quarter of 2011.
Port chairman David Benson said that reduced LNG throughput over the winter of 2011/2012, coupled with the challenge of meeting pension obligations, is leading to reduced expectations for 2012.
“We have recognised the risks and have worked hard during the year to offset them by making significant contributions towards pension funds and investing heavily in a range of activities to reduce our dependence on petroleum-based shipments over the medium term,” he explained.
An example is the recent merger of the Port’s ship repair business into Mustang Marine, with an associated investment in facilities to create a centre for excellence in marine engineering.
But the energy sector remains vital and Port Chief executive Alec Don warned: “A report we commissioned last year clearly highlighted the importance of the energy sector to both Wales and the UK. We need to make sure this is fully recognised by policymakers, and that more is done to make it easier to invest, operate and employ within the sector.”