Warning over Milford Haven Port profits

Milford Haven Port Authority says cargo traffic has been 'significantly lower' this year compared to last. It's expecting net profit before tax to be down 50% for the year to 31 December 2012 from the previous 12 months. It anticipates rising pension costs will mean profits fall again next year.

The authority says the fall in profit is a 'direct consequence of significantly lower volumes' of liquefied natural gas (LNG) entering the port, mainly due to high prices in Asia.

Milford Haven's port is the biggest in Wales, and the third biggest in the UK, handling over 71m gross tons of shipping. There are two LNG facilities there, meaning up to 30% of the UK's gas requirements are processed through the port.