HONG KONG: Fremantle Ports has revealed a record after-tax profit of more than $48 million for last financial year, following an increase in overall trade of 6.7 per cent.
The Opposition seized on the result, saying it raised further questions about the Government’s plan to sell the state’s largest container port.
Fremantle Ports’ latest annual report, tabled in State Parliament, revealed it contributed $68.4 million in tax equivalents and dividends to the WA Government in 2014-15.
“The average annual growth in Fremantle’s container trade over the past decade has been about 4.7 per cent and the 5.7 per cent increase in 2014-15 was ahead of forecasts despite the slowing of the Western Australian economy,” Fremantle Ports chief executive Chris Leatt-Hayter said in the report.
The strong growth meant a better than expected after-tax profit of $48.1 million, significantly higher than the target of $27.7 million.
It was also a massive 27 per cent jump on the previous year’s after-tax profit of $37.9 million.
Despite Premier Colin Barnett previously ruling out any sale of Fremantle Port, the Government announced its intention to sell the asset, through a 49-year lease, in the May state budget.
Profit proves port should not be sold: Opposition
The Opposition’s port spokesman Bill Johnston said the strong financial result was further evidence the port should not be sold.
“It certainly raises many questions about why the Government would be planning to sell it,” he said.
“Clearly they’re planning on a fire sale because they’re in deep financial problems because of their bad management.
“If you sell it you lose the tax payments, they’ll go to the Commonwealth Government and the state will be worse off.
“Also, if a monopoly owner has control of the port, it will delay the construction of the outer harbour which is absolutely needed for this state’s development.”
Treasurer Mike Nahan welcomed the increased profit and defended the decision to sell the port.
Shipping activity at Port Qasim on February 11
KARACHI: Three ships namely, Glen Canyon, Al-Salam- II and TSM Pollux carrying Containers, Gas oil and Palm oil were arranged...
