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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news