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

 


Port of Tauranga lifts 1H operating earnings on bulk freight

Port of Tauranga lifts 1H operating earnings on gain in bulk freight; guidance affirmed

By Suze Metherell

Feb. 20 (BusinessDesk) – Port of Tauranga, New Zealand’s largest port operator, lifted first-half operating earnings by 11 percent as an increase in bulk freight made up for a drop in container volumes. The company affirmed its guidance for the full year.

Operating earnings rose to $66.7 million in the six months ended Dec. 31, from about $60 million a year earlier. Revenue rose about 16 percent to $137 million, though operating expenses increased 20 percent to $70 million, largely on employee and maintenance costs.

Underlying net profit edged up 0.4 percent to $39.3 million, excluding a one-time $38.3 million gain from the sale of logistics company C3 Limited in 2012.

The company said overall volumes across its docks increased 5.8 percent to 9.9 million tonnes. Exports climbed 6.6 percent to 6.8 million tonnes and imports were up 4.1 percent to 3.1 million tonnes.

An increase in log exports, dairy feed and fertiliser imports offset a 12 percent decline in containers handled during the period, which the company attributed to an 18 percent fall in dairy exports over the comparable period, due in large part to Fonterra’s August botulism scare.

Port of Tauranga is pushing to become New Zealand’s dominant freight gateway, expanding its wharves, through an estimated $40 million to $50 million dredging plan due to start this year, and has expanded to the South Island, buying 50 percent of PrimePort Timaru and land south of Christchurch to develop another freight hub. It has also invested more in its MetroPort facilities in Auckland.

“These investments coupled with the emerging strength of the New Zealand economy and strong international demand for the country’s agricultural and forestry exports will continue to drive increases in cargo volumes across our wharves,” said chairman David Pilkington.

The company increased its dividend payout 5 percent to 21 cents per share. The shares were unchanged at $13.85 and are up 1.1 percent this year.

Port of Tauranga affirmed its forecast for full-year earnings of $77 million to $81 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news