PORT and property development group Manchester Ship Canal stayed
strongly buoyant during the first half of the year with profits up 63%,
figures out yesterday show.
In the six months to June 30 the company made pre-tax profits of #7.8m
compared with #4.8m previously.
Profits were boosted by one-off exceptional items of #3.1m made up
mainly of payments for the contract terminating at the Ellesmere Port
container terminal.
The company's port business saw its profits rise 20.8% to #3.17m with
income just over 3% higher at #9.35m ''while further benefits came from
cost reductions and tight management,'' the company said.
Income from its property, minerals and waste division totalled #2.75m,
slightly down on the #2.9m previously.
''The group's flagship development at Harbour City which completes its
present development programme will be finished shortly, after which the
group will have empty properties around Salford Quays with a rental
value of over #2m a year,'' the company added.
For the immediate future, the group said the second half had begun
''more quietly'' in its port business with the group feeling the loss of
container traffic from Ellesmere Port.
''The prospects for the rest of the year from the port division are
reasonable,'' the group said.
Its property investment income will gradually increase as new
buildings are let.
The group is not declaring an interim dividend. Earnings per share
jumped to 182.5p from 152.8p on turnover up to #10.5m from #10.3m.
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