Rising container volumes into the Port of Tauranga has buffered its fall in income and net profit from lower volumes of bulk cargo.
In its annual report on the New Zealand Stock Exchange website, the port says container traffic rose 12.1% to a record of more than 954,000 TEUs (twenty-foot equivalent units) – up from 851,000 TEUs in the prior year.
Port of Tauranga is reporting that it’s earnings before interest, taxation, depreciation and amortisation for the year to 30 June 2016 rose 2.2% to $125.7 million from $123 million in the prior year.
However, offsetting these gains was a decline in bulk cargo reflecting continuing challenges in New Zealand’s forestry and agricultural sectors.
According to the port, log exports fell more than one million tonnes with declines also in imported stock feed and fertiliser.
Total trade in the 2016 financial year decreased 0.3% to 20.1 million tonnes. Exports decreased by 1.2% to 13.1 million tonnes, while imports increased by 1.4% to seven million tonnes.
Port of Tauranga says its net profit after tax fell 2.4% to $77.3 million as the company’s $350 million five-year investment programme resulted in higher depreciation charges, which are up $2.7 million in the current year alone.
Reported revenues also fell to $245.5 million from $268.5 million says the port, due to a $32 million decrease in revenue as a result of having to equity account Tapper Transport as an associate company within its Coda partnership.
