The Port of Tauranga has delivered an increase in half-year net profit thanks to increased container volumes, as well as increased dairy and meat exports, offsetting the drop in log volumes.
In the six months to 31 December 2014, Port of Tauranga says it handled 426,512 TEUs (up 11.9% on the prior year), while total cargo volumes increased 1.2% to 10 million tonnes.
Meanwhile, trans-shipped containers (those transferred from one ship to another) increased by 28.9% to 71,921 TEUs at the Tauranga container terminal.
Revenue for the half year was $136.3 million, largely unchanged from last year’s $137.1 million.
Reported net profit for the half year rose 8.2% to $42.6 million from $39.3 million in the same period last year. Underlying profit, which excludes one-off items, fell slightly to $38.5 million from $39.3 million last year.
During the period, Port of Tauranga made a $4.1 million gain relating largely to the sale of a 49.9% stake in the Timaru container terminal to Kotahi.
Port of Tauranga chairman David Pilkington says the port has delivered a strong result for the first half, despite the drop off in log volumes.
“The 2014 alliance we struck with Kotahi is already driving increased freight volumes through the port. We have also seen a strong increase in import volumes and we have new opportunities emerging on many fronts, particularly through our new South Island operations,” he says.
