Tauranga Port half year profit up 23 pct
Port of Tauranga lifted half year net profit 23 percent to $28.4 million, as trade volumes in the six months to the end of December rose 18 percent from a year earlier.
Port of Tauranga lifted half year net profit 23 percent to $28.4 million, as trade volumes in the six months to the end of December rose 18 percent from a year earlier.
Revenue rose 38.5 percent to $92.8m, with export volumes up 13 percent and imports up 29 percent from a year ago.
Notable cargo increases included fertiliser up 150 percent, stock feed supplements up 74 percent, log exports up 15 percent, and container numbers up 23 percent, the port said today.
Chairman John Parker said the trading outlook was uncertain and it remained difficult to accurately forecast the remaining half of this financial year. At this stage, a full year result in the range of $53m to $56m was expected.
"We expect improved confidence to remain in the dairy sector (positively impacting on fertiliser and stock feed supplement imports) and also in log exports, with log volumes being driven by strong demand from China, which is expected to continue. However, we expect the domestic economy to be slower to recover."
During the half year, railed container volumes between Tauranga and inland port MetroPort Auckland rose 56 percent.
Ship departures increased 12 percent compared to the prior corresponding period.
An interim dividend of 10c per share is to be paid.
NZPA
Thu, 24 Feb 2011
Thu, 24 Feb 2011
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Tauranga Port half year profit up 23 pct
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