Port of Tauranga Sees Strong Cargo Growth in First Quarter

17 October 2018

New Zealand’s International Hub Port Sees Strong Cargo Growth in First Quarter of Financial Year

Port of Tauranga today reported first quarter trade volumes grew 8.3% on the same period last year.

From 1 July 2018 to 30 September 2018, the Port handled more than 6.6 million tonnes of cargo.

The increase was driven by log exports, which were 14.7% higher compared with the previous corresponding period, and transhipped containers, which increased 11.4% in volume.

Dairy exports decreased due to seasonal fluctuations and were 7.1% than the same time last year.

Overall container numbers increased 0.7% for the three month period, to just under 296,000 TEU (twenty foot equivalent units).

Port of Tauranga Chief Executive, Mark Cairns, told the Company’s Annual Meeting of Shareholders today that the unaudited Group Net Profit After Tax for the first quarter was up 4.6% on the previous corresponding period.

“Based on the first quarter’s performance, and notwithstanding any significant market changes, we expect full year earnings to be between $96 million and $101 million,” said Mr Cairns. This compares with a record Net Profit After Tax of $93.4 million for the year ended June 2018.

Mr Cairns says the Port is now looking to the next stage of cargo growth and has ordered a ninth container crane for delivery in 2020. It also intends to extend its container berths south of the existing wharves on existing port-owned land.

Of its 190 hectares in landholdings, Port of Tauranga has approximately 40 hectares of land still available to accommodate cargo growth.

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