Port of Tauranga has declared a net profit after tax (NPAT) of $77.3 million for the year ending June 2016, down 2.4 per cent on the previous corresponding period.
The port also announced it would be returning $140 million to shareholders over the next four years in special dividends, and a five-to-one share split in response to market demands for increased liquidity.
Earnings before interest, tax, depreciation and amortisation (EBTDA) rose 2.2 per cent to $125.7 million, with container traffic up 12.1 per cent to a record 954,000 TEUs (20 foot equivalent units), but were offset by the decline in bulk cargoes. Notably, log exports fell more than 1 million tonnes with declines also in imported stock feed and fertiliser, reflecting challenges in key agricultural sectors.
The port's largely completed $350 million five year investment programme also impacted results, with higher depreciation charges, which were up $2.7 million in the current year alone. In addition, reported revenues fell to $245.5 million from $268.5 million, due to a $32 million decrease in revenue as a result of having to equity account Tapper Transport as an associate company within the port's new Coda logistics partnership.
However, Port of Tauranga chairman David Pilkington said $140 million would be returned to shareholders over the next four years, with a first tranche of $34 million by way of a special fully imputed dividend of 25 cents per share. Directors also declared a 30 cent fully imputed final dividend, which combined with the special dividend lifts total payments to shareholders for the 2016 financial year to 78 cents per share.