Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

FIRST CUT: Port of Tauranga lifts 1H profit 4%


By Gavin Evans

Feb. 18 (BusinessDesk) - Port of Tauranga increased first-half net profit 4 percent, buoyed by ongoing container growth and increased log and fruit volumes.

Net profit rose to $49 million in the six months ended Dec. 31, from $47.1 million a year earlier.

Port of Tauranga is the country’s largest and also has interests in Northport and PrimePort Timaru. In October, it forecast full-year net profit of $96 million to $101 million, from $93.4 million in the June year. Today it said earnings should come in at the upper end of that range.

The company reported 8.8 percent cargo growth, including containers, in the six months to 13.57 million tonnes.

It handled the equivalent of 621,117 20-foot containers in the six months through December, 5.1 percent more than a year earlier.

Log exports were almost 12 percent higher at 3.67 million tonnes. Kiwifruit volumes were 30 percent higher at 486,000 tonnes. Dairy exports were barely changed at 1.15 million tonnes, while fertiliser imports were marginally lower at 331,000 tonnes.

The full-year earnings the company forecast in October assumed bulk cargoes would get close to 12 million tonnes this year, from about 11.7 million in the June 2018 year. Container traffic was expected to climb to about 1.25 million containers this year, from 1.18 million last year.

Port of Tauranga will pay an interim dividend of 6 cents on March 22, up from 5.7 cents a year earlier.

The shares last traded at $5.23, and have gained 4.2 percent over the past 12 months.

(BusinessDesk)

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.