Allen Winter | 1st Oct 2014
WHILE the drop in the coal price has been less than ideal for miners, it has helped Gladstone Ports Corporation finish the financial year on a record high.
After the corporation's annual report was tabled in the State Parliament on Monday, CEO Craig Doyle said all of the increased performance related to coal.
"It's not unusual for the miners to move volume when the prices are low," he said.
"And we have been able to cater for that increase."
Mr Doyle said the corporation had exceeded its expectations not only in volume and profits, but also in the reduction in the number of injuries and in the number of complaints received.
"Our people have done a great job," he said. "And we're continuing to improve across the board."
The expectation is the numbers will continue at similar heights in this financial year, with the first coal from the Wiggins Island Coal Export Terminal and the first LNG cargo to be shipped before the end of December.
"And in the years following, when WICET and the LNG companies come on full stream, we will continue to break more records," Mr Doyle said.
The 2013-14 year saw 98.3 million tonnes of cargo shipped from the harbour, against a target of 93.7 million tonnes.
Revenue for the year was $644.4 million, well above the target of $483 million, and profit amounted to $177.9 million, 29% above expectations.
Several major projects were started or completed during the past financial year, including the new tug base which was now nearly complete and which could be seen from Spinnaker Park.
Mr Doyle said the future of the corporation was strong, with trade projected to grow to nearly 145 million tonnes within three years, representing growth of more than 50% above this year's record volumes.
By the numbers:
Annual tonnage: 98.3 million
Record profit: $177.9 million
Assets: Now worth $1.962 billion
Total injuries reduced by 22%
Completed $1.4 billion capital dredging project