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

 

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news