On Wednesday, Ports of Auckland Ltd. (POAL), the largest car importer in New Zealand, reported an increase in the annual revenue in 2009/2010 by 55%, in comparison to the profits recorded last year. The Company attributed the rise in profits to the increase in retail rate and the decline in costs. The result was not merely a rise in profits, but the Company managed to cut down the $348 million debt level, recording only $258 million.

The number of units handled by POAL improved by 17.4%, encompassing around 40% of the country’s net imports. POAL also recorded an increase in the number of personnel in order to keep up with the public demand on the Company’s services. Nevertheless, the costs decreased by 3.1% since last year.

The Managing Director of Ports of Auckland Ltd, Jens Madsen, expressed his satisfaction at the Company’s current market position and the promising results that would be offered in the coming quarters. He added, “It has been a good year financially but it comes off a very challenging 2008/09 and volatility remains the feature of the operating environment we are in. As a result our outlook for 2010/11 remains cautious”.