Ports of Tauranga profit up 22%
The Port of Tauranga (PoT) has reported a record half-year and growth is expected to continue.
The company’s revenue for the six months to December 31 2011 was $105.7 million, up 14% from the $92.8 million reported for the six months to December 31 2010.
Net profit after tax rose 22% to a record $34.6 million for the six months to December 31 2011 compared to $28.4 million for the equivalent 2010 period.
Operating income increased $12.9 million to $105.7 million but total comprehensive income fell $1.5 million to $27.4 million.
Trade volume increased by 9.6% to 8.5 million tonnes and 43% was containerised compared to 40% the previous six-month period.
Container numbers increased 17.1% to 344,081 twenty-foot equivalent units (TEUs) and container traffic increased 19.4% to 322,767 TEUs.
Container traffic at subsidiary MetroPort Auckland increased 10.8% to 80,746 TEUs and PoT and Kiwi Rail have increased train capacity between the points with growth expected to continue.
The company has also benefited from ongoing labour disputes at the Ports of Auckland when shipping company Maersk transferred its weekly Southern Star service from Auckland to Tauranga.
“The results are a tribute to Port of Tauranga’s staff and service providers, who have responded quickly to the growth in demand due to the ongoing recognition of our reliability, productivity and competiveness and also to the short-term increase In demand in the wake of the industrial dispute at Ports of Auckland,” PoT’s chairman John Parker says in a statement.
Mr Parker expects a full year after tax profit between $69 million and $72 million.
The first stage of the expansion of the quay at Tauranga Container Terminal is on track for completion early in 2013. This project will extend the wharf length by 170 metres, increase berthage capacity by 28% and includes paving further land to provide additional container terminal area.
Port of Tauranga’s chief executive Mark Cairns was positive about the future outlook.
“The growing diversity of our revenue streams, combined with our significant strategic land holdings,the strength of our balance sheet and the positive can-do culture of our staff and service providers, leave us well-placed to meet the ongoing increase in demand that we are expecting,” Mr Cairns says in a statement.