Darwin Port has reporting strong operating results from the 2024 financial year.
Landbridge Darwin Port Non-Executive Director, Terry O’Connor, said that achieving a record $34.012 million in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), is a significant increase from the FY2023 result of $23.285 million in EBITDA.
“This outstanding increase in EBITDA is mostly due to increased activity through Darwin Port,” Mr O’Connor said.
The port incurred a loss before tax of $34.362 million (2023: $25.618 million) negatively impacted by non-cash accounting entries associated with intercompany debt which was due to be refinanced.
Mr O’Connor said the underlying operations of Darwin Port have improved significantly year-on-year.
“Darwin Port’s China parent is in the process of refinancing an overdue corporate bond amounting to RMB 500 million ($107 million), which we expect will be settled by Q2 in 2025.”
Additionally, the group is considering specific asset sales in China through 2025.
“Landbridge in China has a portfolio of large infrastructure assets, and it is looking to moderate its debt, which will likely see the sale of some assets across the group.
“Importantly, Darwin Port remains a key asset of the group noting its recent performance, continued strong growth prospects as a gateway to Asia, and its positive contribution and engagement with the local economy,” Mr O’Connor said.
“Darwin Port remains in a strong financial position due to the significant headroom between its operating cashflows and debt service requirements along with its long-dated external debt position.”
