Port reports $9.9m profit despite fall in trade
Despite a drop in trade, Port Taranaki shipped in a near $10 million profit in the past financial year, buoyed by an increase in dry bulk goods and vessel visits.
Revenue for the 2021-22 financial year, which ended on June 30, totalled $51.46m – a 1.2% increase on the previous year.
Port Taranaki said its net profit after tax was $9.91m. This was $730,000 (8%) up on last year’s $9.18m.
The port’s sole shareholder, the Taranaki Regional Council, received $8m in dividends, money that helps to offset regional rates. A final $4m payout will be made next month.
However, Port Taranaki said trade was down 356,000 tonnes to 4.74 million tonnes, a drop of 7%.
This was largely blamed on the bulk liquids trade, which dropped 270,000 tonnes, or 9.1%, to 2.72 million tonnes.
Port Taranaki said this was due to development and maintenance work in the Taranaki oil and gas sector but this would ‘‘ultimately help improve supply and support the longevity of the industry’’.
The log trade was also down from last year’s record high of 1.14 million Japanese Agricultural Standard (JAS) tonnes, falling 1.9% to 1.11 million JAS, thanks to Covid and poor weather.
The falls were partially offset by the dry bulk trade, which was up 6.9%, from 766,000 tonnes to 819,000 tonnes.
Despite trade being lower, the port had 284 vessel visits – 19 more than the previous year and the highest for seven years.
Port Taranaki chairman Richard Krogh said the outlook for the next three years was positive, particularly with the investment in longevity of the oil and gas industry. ‘‘We are forecasting growth, and a return to greater oil and gas production levels will be welcomed but we are mindful that in today’s economic climate costs have to be controlled.’’