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Reduced coal export volumes and the impacts of earthquake damage resulted in a 16.5% reduction in profits for the port in the half year.
Profit after tax for the period was $8 million, compared with $9.5 million for the same period last year, prior to adjustments for earthquake impacts.
Once adjustments are taken into account, net profit was up 15.1% to $3.3 million.
The port and city were damaged in the Canterbury earthquakes but the port had been receiving insurance payments to cover lost income from cruise liners skipping a layover in Lyttelton.
According to LPC, key exporter Solid Energy’s coal export volumes declined 19.9% to 991,383 tonnes.
A further projected $700,000 reduction in net earnings from Solid Energy coal shipments is expected to damage the full-year profit as well.
LPC forecasts its profits to fall between $13 million and $15 million for FY2013, down from $17 million last year.
There will also be no repeat of the $1 million insurance payout for cruise liner cancellations.
