Port of Tauranga has recorded an impressive 13% after tax profit increase in its annual results.
That equates to $94.3 million at the end of financial year 2018.
Its annual revenue also increased 10.9% to $283.7 million.
In its statement to the NZX, the company says the results were lifted by increased volumes across all major cargo categories, including export logs (up 14.3% in volume) and dairy products (up 4%).
The number of cars and other vehicles brought into Port of Tauranga doubled compared with the previous year.
“This growth is a direct result of Port of Tauranga’s six year investment in building capacity to accommodate larger vessels,” company chairman David Pilkington says.
“We completed our capacity expansion programme in 2016 and the effects were almost immediate. We are seeing larger container vessels, as well as larger bulk cargo and passenger ships.”
The company has interests in Northport in Whangarei and PrimePort Timaru, as well as operating inland ports at Auckland and Rolleston near Christchurch.
As for the future, Port of Tauranga chief executive, Mark Cairns, says a ninth container crane had been ordered for delivery in 2020, with more growth expected.
“We expect cargo growth to continue in the next year across most categories, and particularly containerised cargo.”
