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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news