Tauranga Port half-year profit up 23%

Thursday 24th February 2011

Port of Tauranga lifted half year net profit 23% to $28.4 million, as trade volumes in the six months to the end of December rose 18% from a year earlier.

Revenue rose 38.5% to $92.8 million, with export volumes up 13% and imports up 29% from a year ago.

Notable cargo increases included fertiliser up 150%, stock feed supplements up 74%, log exports up 15%, and container numbers up 23%, the port said today.

Chairman John Parker said the trading outlook was uncertain and it remained difficult to accurately forecast the remaining half of this financial year. At this stage, a full year result in the range of $53 million to $56 million was expected.

"We expect improved confidence to remain in the dairy sector (positively impacting on fertiliser and stock feed supplement imports) and also in log exports, with log volumes being driven by strong demand from China, which is expected to continue. However, we expect the domestic economy to be slower to recover."

During the half year, railed container volumes between Tauranga and inland port MetroPort Auckland rose 56%.

Ship departures increased 12% compared to the prior corresponding period.

An interim dividend of 10c per share is to be paid.

NZPA

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