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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news