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Port of Tauranga meets earnings guidance

Thursday 19th August 2010

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Port of Tauranga, New Zealand’s largest export hub, posted annual earnings that met its guidance, and said rising volumes and cost controls will allow it to maintain profit growth through 2011. 

Underlying earnings rose 9.3% to $49.4 million in the 12 months ended June 30.

Net profit for the year fell to $38 million from $45.1 million in the previous year after the company was forced to write down $10.5 million due to changes to tax rules on depreciation, and $2.3 million relating to impairment on asset values. 

“While this year’s profit is pleasing, we believe that the often-reported economic recovery is likely to be both slow and patchy,” said chairman John Parker. “We are confident that Port of Tauranga’s strong financial position, with a balance sheet capacity to respond to market demands for further infrastructure development, will allow us to capitalise on all opportunities.” 

The company noted their outlook was dependent on the continued recovery in volumes. 

Port of Tauranga’s total trade for the year rose 2.4% to 13.7 million tonnes, compared with a decrease of 0.5% in the previous period.

Exports increased more than 8% to 9.2 million tonnes. Forestry related exports rose 19% to 6 million tones, and grain and dairy supplement imports rose 27% to 849,000. This was offset by a 6.5% fall in container volumes.

A fully imputed final dividend of 20 cents per share was declared, in addition to an interim dividend of nine cents per share, a total increase of 7.4% on the previous period. The shares rose 0.3% to $6.75.

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