Port of Tauranga report cargo volume drop, earnings down

Port of Tauranga. Photo / File

The Port of Tauranga has reported a decrease in cargo volumes for the first quarter of this year.

The port, New Zealand's international hub port, highlighted that from July 1 to September 30 it handled nearly 6.8 million tonnes of cargo, a 1.1 per cent decrease on the same period last year.

Log exports dropped 5.2 per cent in volume to just over 1.7m tonnes, following a sharp decrease in international prices and demand in the past few months.

Dairy product exports decreased 1.7 per cent compared with the same period last year.

However, container numbers increased 5.8 per cent.

Port of Tauranga chief executive Mark Cairns said the unaudited Group Net Profit After Tax for the first quarter was $21.7m, down 6.3 per cent from the same period last year.

He said the full-year earnings were expected to be between $96 and $101m.