A 74.4% fall in the net profit, to $5.4 million for the June year, was forwarded recently by Ports of Auckland, largely because of a decline in car imports, redundancy costs and unrealized losses on investment properties.

From the previous year, the earnings before interest tax and amortization decreased by 6.4% to $673m and, at the same time, the revenue declined by 3.5% to $63.4m. The media reports suggested that a sum of $40 million was invested by the port's owner - Auckland Regional Council's investment arm Auckland Regional Holdings in the firm in a share placement and issued it a $20 million loan.

Jens Madsen, the Chief executive, said that the recapitalization funds will be utilized to cut bank debt.

"We appreciate the confidence shown in us by our shareholder and its long term view of Port's of Auckland's strategic importance to the Auckland region."

Imported vehicles volumes decreased by 36.2% to 110,560 units, driving a drop in break-bulk volume of 27.4% to 2.7 million tonnes.

Madsen said worries regarding the issues of overloading in the international shipping sector were still persistent.

He explained, "While Ports of Auckland anticipates an improved financial result in 2009/10, the market remains volatile and we are cautious about the outlook."