Sharechat Logo

Port of Tauranga keen for further growth

By Phil Boeyen, ShareChat Business News Editor

Friday 27th October 2000

Text too small?
Opportunities beyond the Bay of Plenty continue to beckon for listed port operator Port of Tauranga.

The company, which already has interests in Metroport in South Auckland and a new deepwater port at Marsden Point, has also recently taken the first step towards a worldwide port alliance by signing a heads of agreement with the Port of Brisbane.

POT chairman, Fraser McKenzie, told shareholders at the company's AGM today that the agreement paves the way for sharing technologies, marketing, trade information and specialised expertise.

"Our goal is to ultimately be part of a global alliance of ports that work together to build business opportunities."

Mr McKenzie says the past year has been one of expansion and new ventures for the port, and that by balancing growth and diversification the company achieved a 32% lift in revenue in 2000, from $52.8million last year to $69.8million.

He says the port's record result was driven by strong growth in trade volumes and container traffic. This was helped the Australia NZ Direct Line's decision to move its New Zealand port of call from Auckland to Tauranga, which attracted new business both locally and from Waikato.

The Metroport investment has also been profitable and the company is looking at making it a 24-hour, 7-day operation.

Mr McKenzie says the port's future focus will be to continually improve its core business while looking for new business opportunities.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Port of Tauranga may increase dividends, make extra payments, as spending returns to normal
Port of Tauranga shares fall to 3-week low after losing major log marshaling contract
Success a burden for Port of Tauranga
Port of Tauranga prepares for big ships, reports record profit
Port of Tauranga makes first foray into South Island, with $21.6M PrimePort deal
Port of Tauranga buys $37.2 mln property to expand South Auckland operations
Port of Tauranga chairman Parker will retire in October after 17 years as a director
Port of Tauranga rewards investors with 1H dividend hike, retains FY guidance
Port of Tauranga spends $34M on log marshaling business
Asciano to buy Port of Tauranga's 50 percent stake in C3 for $70M

IRG See IRG research reports