Sharechat Logo

Port of Tauranga sees flat underlying earnings in 2014, dairy exports lagging after botulism scare

Thursday 24th October 2013

Text too small?

Port of Tauranga, the country's biggest export port, expects annual earnings to be broadly in line with a year earlier, and has seen a lag in dairy shipments after the false botulism scare in August.

The company forecasts annual earnings of between $77 million and $80 million in the 12 months ending June 30 2014, chief executive Mark Cairns told shareholders at today's annual meeting in Tauranga. That compares to underlying earnings of $77.2 million in 2013.

Cairns said first-quarter net profit was about the same as a year earlier, as a 13 percent increase in log exports and a 6 percent gain in trade was offset by a 13 percent drop in containers, "largely due to the lag in dairy exports associated with the botulism scare and also the loss of the import container service."

The Kotahi freight alliance between Fonterra Cooperative Group and Silver Fern Farms told the port it anticipates a significant increase in export volumes in the coming months, he said.

Port of Tauranga posted a record annual profit in 2013 as it readies for a dredging project to prepare for larger ships. The port is pushing for supremacy in the port sector with dredging expected to start next year, and after investing in its MetroPort facilities in Auckland and taking a 50 percent stake in PrimePort Timaru.

The shares gained 0.2 percent to $13.72 in trading today, bucking the trend where the benchmark NZX 50 index fell 1 percent in afternoon trading.

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  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:

NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record

IRG See IRG research reports