After-tax profit passes $100m
The Port of Tauranga reported profit after tax of more than $100 million for the first time.
The port announced its financial results for the year ended June yesterday morning, with revenue increasing more than 10 per cent to $313m.
Profit after tax increased 6.7 per cent on last year’s profit of $94.3m.
The listed port company said container traffic increased 4.3 per cent and it would pay shareholders a final dividend of 7.3 cents a share bringing the fullyear dividend to 13.3c a share, a rise of 4.7 per cent on last year.
It will also pay a special dividend of 5c a share, and the capital repayment programme will be extended for a further four years.
A black spot came in the performance of associated companies, with earnings decreasing 25 per cent after a ‘‘disappointing result’’ from freight logistics company Coda Group, its joint venture with Kotahi. Ship visits also decreased 3.9 per cent to 1678 for the year but average vessel size continued to increase.
Overall exports from the port rose 11.2 per cent, with kiwifruit exports increasing 15.2 per cent, frozen meat exports increasing 18 per cent and apple exports increasing 54 per cent.
Log exports rose 12.5 per cent but the trend wasn’t expected to continue, the port said, on the back of declining log prices.
Dairy product exports ‘‘remained steady’’ at just over 2.3 million tonnes.
Imports increased 8.4 per cent to 9.8 million tonnes for the year ended June.
The company said it ‘‘continued to consolidate its position as New Zealand’s international hub port, with transhipment increasing 11.2 per cent’’. Transhipment is when a container is moved from one service to another.
Overall the handled more than 26.9 million tonnes of cargo, an increase of 10.2 per cent in volume.
Port of Tauranga chief executive Mark Cairns said the number of containers transferred by rail to and from Port of Tauranga’s inland freight hub, Metroport Auckland, increased 4.3 per cent.
The company said Metroport Auckland now stood alone as the country’s fourth largest container terminal by volume.
Port of Tauranga recently announced a partnership with Tainui Group Holdings to develop the Ruakura Inland Port in Hamilton.
It expanded the Metroport Christchurch inland freight hub by constructing a large warehouse that was being leased by associate company Coda Group to handle Westland Milk’s dairy exports, the company said.