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Port of Tauranga performing well for first quarter


Friday 25th October 2002

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Port of Tauranga achieved a $7.21 unaudited profit for the first three months of the financial year, ahead of the same period last year.

Port of Tauranga chief executive Jon Mayson said in speech notes for today's annual meeting that trade for the first quarter was also up, at more than one million tonnes per month.

"This meant that the company was performing ahead of the previous year at both an operating and financial level."

The company gave no figures for the previous year.

Volumes of logs, sawn timber, grain, meat and dairy products handled by the port rose during the year, Mr Mayson said.

Northport, the joint venture with the Northland Port Corporation, which was officially opened two weeks ago, was trading well.

In the first three months of operation Northport handled 545,000 cargo tonnes, 12 percent above expectations. The unaudited net profit after tax for the period was $450,000, of which Port of Tauranga was eligible for $225,000.

Log marshalling and materials handling company Owens Services, which Port of Tauranga recently bought for $31.5 million, appeared to have performed about 50 percent greater than the purchase price indicated for the first three months of the financial year.

The company will pay a final dividend of 22c per share on November 1. The board has approved a two-for-one split in the company's shares on November 8.

The port posted a net profit of $26 million for the year ended June 30.

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