Quayside Holdings' six-monthly report shows the company made a net profit of $47.8 million for the first half of the financial year.

The figures outline an increase of 13.5 per cent over the same period last year. The result was presented to the Bay of Plenty Regional Council - Quayside's owner - at a meeting this week.

The regional council is looking for $20 million from Quayside next year.

The draft statement of intent for 2015/16 provides for dividend contributions to Council of $20 million, which is consistent with the estimates set out in the consultation document and draft Long Term Plan 2015-2025.

Quayside Holdings Ltd is a 100 per cent-owned subsidiary of the Bay of Plenty Regional Council and the council controlled organisation is required to provide a mid-year monitoring report to shareholders.

The net profit is up of $42.6 million from the Port ($39.3 million in 2013) and $5.2 million from other Quayside investments ($2.7 million in 2013).

This demonstrates continued strong financial performance, and re-enforces and confirms the financial forecasts provided by Quayside during the preparation of the draft Long Term Plan and consultation document.

Dividends were paid during the first half year to Perpetual Preference Shareholders ($4.2 million) and Bay of Plenty Regional Council ($10.9 million).

The main highlights from the 2015/16 draft statement of intent include distribution to shareholders consistent with funding requirements set out in the draft Long Term Plan ($20 million in 2015/2016).

Quayside has also reviewed its performance target reporting. In anticipation of the new Audit Guideline Standard 4 (AG4), changes are being made to streamline the amount of measures externally reported on.

Quayside Holdings general manager finance, Mat Taylor, says: 'All other matters within the draft SOI provide a similar theme to previous years for Quayside Group, and demonstrate a stable, and commercially focussed entity.”