Port of Tauranga has reported a 12.8% decrease in underlying operating profit, with downturns in container and cargo in line with challenging economic conditions.
The largest port in the country reported its results for the 2024 year to the NZX on Friday. The overall group – including contributions from its stakes in PrimePort and Northport – posted underlying net profit after tax (NPAT) of $102.7 million, down from $117.1m in the 2023 year.
The result excluded the impact of a legislative change removing businesses’ ability to claim tax deductions from depreciation on commercial buildings. Including this, the overall group NPat was $90.8m.
Total cargo columns for the year decreased 4.2% to 23.6 million tonnes, and container volumes fell 2.5% to 1,147,350 20-foot equivalent units (TEU).
Port chief executive Leonard Sampson told BusinessDesk that the first half of 2024 was particularly challenging because of soft trade volumes and consumer demand. The port’s second-half result was much stronger, he said, with containers up 13.7% and total trade up 3.3% compared to the first six months.
