Record profit for port despite Newman’s criticism

Premier Campbell Newman refused to retract his negative comments about Gladstone Ports Corporation despite the companies huge profit increase.

In their annual report tabled in Parliament last week, GPC posted a profit increase of 26% for the 2011-2012 financial year.

In June the premier offered a scathing review of the company accusing it of financial mismanagement and stating the ‘current management team and board are not listening to what the government is saying in relation to financial management,’ The Observer reported.

Fellow LNP member Mark Brodie was appointed as the new chairman of GPC in early June replacing Labor figure Ian Brusasco.

Yesterday Newman was asked if he was still critical of GPC to which he responded: ‘Yes.’

The Premier did however say he was confident that company was now on the right track.

GPC manages and operates the Port of Gladstone, including the Gladstone Marina and its recreational parklands, and Port Alma Shipping Terminal. The Port of Gladstone is Queensland’s largest multi-commodity port, housing the world’s fourth largest coal export terminal.

In the annual report, the company stated they achieved a total coal export of 59.8 million tonnes, generated $822.6 million in revenue and indentified $3 million in operational savings.

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