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Rising Export Tide Lifts Tauranga Port Profit
Strong export demand and a rebound in imports have delivered a strong profit for the country's biggest port.
Key numbers for the six months ended December compared with a year ago:
- Net profit $60.2m vs $47.2m
- Revenue $225m vs $200m
- Cargo vols 12.4m tonnes vs 11.6m tonnes
- Forecast FY earnings $115m-$125m vs actual $90.8m
- Interim dividend 7 cents per share vs 6 cps
Company chair Julia Hoare said the port was benefiting from the emerging signs of economic recovery.
"Whilst the domestic economy remains sluggish, we are seeing what we hope are the early signs of a recovery, particularly in bulk imports and most export categories."
Cargo volumes rose 7 percent after last year's downturn, with exports lifted by the dairy and kiwifruit trade, although the previous year's surge in log exports because of cyclone damage faded.
Imports rose 15 percent boosted by Genesis Energy's build up of coal reserves for the Huntly power station, while improved agriculture production prompted more fertiliser and stock feed imports.
Overall container volumes also increased, with more ships using the port to tranship cargo.
Chief executive Leonard Sampson said a diversified business and cost controls had also helped the result.
"We are preparing for future growth and even greater resilience through our investments in infrastructure for capacity."
Meanwhile, the company has suspended its bid to get final Environment Court approval for a new container berth and instead applying for approval under the fast track laws.
"Given the urgency of the project, to protect the interests of New Zealand importers and exporters, we are preparing an application under the new legislation."
Earlier this week, Port of Tauranga joined a consortium to take control of Northport near Whangarei. It already has interests in the Port of Timaru and stevedoring and logistics concerns.
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