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Record profit for Port of Melbourne Corp

<p>The Port of Melbourne Corporation has coupled record capital expenditure with a record profit, it revealed in its 2005&#4706 results today (Friday, September 1).</p> <p>The corporation spent $80m on port projects and $48m on pushing forward environmental studies for the Channel Deepening Project, which included trial dredging, scientific research and monitoring.</p> <p>It was able to boost its after tax profit to $48.5m, supported by one-off tax deductions for research and development. Compliance with International Financial Reporting Standards also helped.</p> <p>&#8220Channel deepening is a critical project for the Victoria economy if we are to trade efficiently with the rest of the world,&#8221 chief executive Stephen Bradford said.</p> <p>Spending on berth upgrades, rail developments and port assets came to $26.7m. Revenue rose 9% to $134.7m</p> <p>&#8220The Port of Melbourne is arguably the most important supply chain interface in this country and we will continue to invest in its efficiency by upgrading port access and infrastructure to ensure Melbourne remains the port of choice for customers,&#8221 Mr Bradford said.</p> <br />