Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Port of Tauranga rewards investors with 1H dividend hike

Port of Tauranga rewards investors with 1H dividend hike, retains FY guidance

Feb. 21 (BusinessDesk) – Port of Tauranga lifted its first-half dividend by 66 percent after posting record earnings on increased volumes export volumes of dairy products, meat and logs. The company affirmed its full-year guidance.

Net profit rose to $74.2 million in the six months ended Dec. 31 from $34.6 million a year earlier, reflecting a 12 percent gain in sales to $188.6 million and a one-time gain of $35 million from the of its half-share in stevedoring firm C3, the company said in a statement.

Excluding C3, profit rose 13 percent to $39.6 million, about matching a forecast from brokerage Forsyth Barr. The shares climbed 1.4 percent to $14, matching the record high set earlier this month.

The Tauranga-based port, which is 55 percent-owned by Bay of Plenty Regional Council, has benefited from industrial strife at rival Ports of Auckland, which has seen freight diverted south and spurred shipping lines to switch, allowing the company to give itself the title of “pre-eminent national freight gateway.” The company is embarked on a three-year, $170 million programme to expand its container terminal, increase berthage, add a sixth gantry crane and dredge its shipping channel.

The bulk of its sales gains came from port operations, where revenue rose to 14 percent to $96 million. Property services revenue rose 3 percent to $9.87 million and transport services rose to $1.2 million from $704,000.

Trade volume growth of 10 percent to 9.4 million tonnes was driven by exports, which jumped 16 percent to 6.4 million tonnes, while import volumes held steady at about 3 million tonnes.

Dairy volumes recorded the biggest increase, rising 87 percent to 935,000 tonnes, while meat exports rose 31 percent to 184,000 tonnes and logs gained 13.8 percent to 2.6 million tonnes.

Container volumes rose 26 percent to 431,840 twenty foot equivalent units.

Port of Tauranga’s MetroPort hub in south Auckland, which connects by rail with its main facility in the east coast city, lifted volumes by 26 percent to 101,440 TEUs.

Operating expenses rose to $58.6 million from $51.8 million.

The company reiterated its full-year forecast of underlying profit of $75 million to $$79 million, up from $73.5 million last year.

It said log volumes are expected to continue growing on demand from China and it sees growth in container volumes.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news