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. 

PoT shares last traded on the NZX at $10.92, up 1.1%.

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Maybe Ports Of Tauranga should show John Key how its done, ie running this country, instead of it stagnating, as it is.

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The PoT are probably quietely thanking the MUNZ for the trouble making at PoAL and for the $20Million plus in extra revenue.

Contract out PoAL - sack the lot from MUNZ and purge them on the next high tide!

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Further proof of loss of value for Auckland ratepayers. Imagine how any merger ratio between POA and POT would look like now. Perhaps 20:80 ? When will Aucklanders realise that value destruction MUNZ is causing.

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ohhh Aucklander's realise the value destruction MUNZ are causing to further their own fiefdoms - our Mayor is sitting around on his thumbs offering platitudes to all, pandering to everyone else and doing sweet FA to kick these trouble makers into the Outer Gulf!

The Mayor is conflicted between his duties to Aucklanders and his puppet masters at the Unions who weild the political muscle to unseat him from his lofty position near the centre of the Labour Party. The Labour Party are scared of them too - hence not a peep from their corner on this issue...

Shameless scandel the NZ press needs to investigate more about between the Labour Party, MUNZ and the Unions and leftie Len and this on-going rort - because us tax payers are footing the bill to pay for their self-centred, vested interests.

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Auckland should rid itself of the so called "popularist" mayor

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