Port of Tauranga forecasts rise in annual earnings
Port of Tauranga expects annual earnings this year to meet analyst forecasts of between $51 million and $53m, an increase on last year in part due to rising container trade.During the first three months of the current financial year, the port saw a 10 per
Port of Tauranga expects annual earnings this year to meet analyst forecasts of between $51 million and $53m, an increase on last year in part due to rising container trade.
During the first three months of the current financial year, the port saw a 10 percent increase in trade, a 25 percent increase in containers and net profit after tax up 10 percent, chief executive Mark Cairns said.
The forecast for the year ending June 2011 compared with underlying earnings after tax for the last year of $49.4m, a 9.3 percent increase in turn on the previous year's record profit.
The port company believed the economic recovery would be long, slow and patchy.
"However, we have a very strong balance sheet, a reasonably diversified business and are ready to take advantage of any opportunity - whatever its economic origin," said chairman John Parker.
Exports through the port increased more than 8 percent last year to 9.19 million tonnes, dominated by a 19-percent rise in forestry exports to 6.04 million tonnes.
Total trade last year was 13.7 million tonnes, up 2.4 percent.
Port of Tauranga was recommended in a recent report by the New Zealand Shippers' Council as the first North Island port to be developed to accommodate 7000 TEU (20-foot equivalent unit) container ships.
Shares in the company were down a cent at $7.24 in late afternoon trading.
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