The largest insurance settlement since the Canterbury earthquakes has been a boon to the Lyttleton port company's finances.
The net settlement of $438.3 million stems from damage to the port from the series of quakes.
The settlement was finalised in December after mediation and the last tranche was payable on Friday.
However, it has been written into the company's books for the half-year to December, pushing net profit after tax from $3.3 million for the same period a year earlier to $336.5 million.
In the half-year to December the port also recorded its highest container terminal volume ever, with a 9.2% increase on the equivalent six months in 2012.
Even so, underlying profit fell. Aside from the insurance payments the company made a profit of $6.5 million, down from $8 million, largely due to an increase in expenses.
The company has resumed paying dividends, and will pay a half-year dividend of 2c a share.
It expects to make a full-year profit of $15-16 million.
