Port of Tauranga posts flat annual profit

Port of Tauranga today reported a flat June year net profit, as rising container traffic helped offset falling forestry exports.

The country's biggest export port said net profit after tax was $33.7 million against $33.6m a year earlier.

It declared an unchanged, fully imputed 13cps dividend. Chairman John Parker said container traffic gains, a lift in imports and coal shipments largely offset the ongoing downturn in forestry exports.

Total trade through the port rose 3 per cent to 12.6 million tonnes, with container volumes up 11 per cent at 438,214 containers. Import volumes were up 22.6 per cent, accounting for 42 per cent of total trade.

The company operates an inland container port, Metroport, near Auckland with rail company Toll NZ and has a half share in a deepwater port at Marsden Point near Whangarei.

The Bay of Plenty Regional Council owns 55 per cent of Port of Tauranga, with a further 10 per cent held by utilities investor Infratil.

Operating revenue fell to $145.6m from $151.1m and the pretax operating surplus fell to $47.8m from $49.0m. Earnings per share were flat at 25.1c.

Mr Parker said the result was pleasing given the difficult trading environment that many exporters faced.

The company had made gains in the export of kiwifruit, apples and milk powder. On the import side the handling of oil products, fertilisers and grain all made significant gains, Mr Parker said.

Log shipments dropped 20.2 per cent and sawn timber, wood panel and wood chip exports all reduced, although paper product shipments were 30 per cent higher and wood pulp 7 per cent up.

Mr Parker said the port's contract to handle the new coal supply for Genesis Energy's Huntly power station had been a major boost to the company. This saw coal tonnage handled increasing by a third.

Port of Tauranga share rose 15c to $4.75 shortly after the result.

- NZPA