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Tauranga continues port profit trend

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd February 2002

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The spate of positive shipping news continues from the country's ports with Port of Tauranga (NZSE: POT) announcing a 16% increase in half-year profit to $12.3 million.

The result is on the back of a lift in revenue to $43.35 million from $37.12 million previously.

Chairman Mr Fraser McKenzie say an indication of the company's strong growth in recent years is that the interim profit exceeded the $11.65 million achieved for a full-year to the end of June 1998.

"That result, achieved just three and a half years ago was earned on an asset base similar in value to that which underpinned the latest profit."

Mr McKenzie says growth in container volume saw 162,178 TEUs go through the port, an increase of 15.9% on the previous period and more than had been budgeted.

There was also a jump in the volume of dairy products through the port, up 13.6%, and the company says it is yet to any impact from a reported slowdown in dairy demand from overseas.

Log shipments recovered 21.7% from the low levels of the previous first half and sawn timber and wood pulp volumes also rose.

"It was expected that log volumes would be lower during the second half of the year but volumes for the full year are still likely to reach budgeted levels," says Mr McKenzie.

Import tonnages were 14 % above budget with strong increases shown in oil products, fertiliser, chemical and grain shipments. Grain shipments in the half-year exceeded the record volume established for the last full year.

The POT board says the outlook for the remainder of the year remained positive, and it is forecasting a satisfactory full year profit. The interim dividend has been raised from nine cents previously to 11 cents per share.

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