Shareholders' funds in Northland Port Corporation increased by $45.09 million after an independent revaluation of 180 hectares of Marsden Pt land.
Thursday, October 7th 2004, 8:06AM
by The Landlord
The increase was the main factor in the jump of Northland Port Corporation's (NPC) total assets from $41,871,579 to $76,480,990 in the 2003/04 financial year.
Chairman Mike Daniel said the revaluation had highlighted the land bank's previously "hidden value" and the foresight of directors in buying the land in previous years.
The revaluation does not include the area for Northland Port Corporation's joint canal and marina development with Hopper Developments Ltd (Marsden Cove Ltd), or any assessment of the enterprise value of NPC's various associate companies and joint ventures operating at Marsden Pt.
