Port of Tauranga profits up 9.3pc

Cranes at the Port of Tauranga. Photo / Bay of Plenty Times

Port of Tauranga reported strong rises in forestry-related exports and in imports of grain and dairy food supplements as it lifted full year underlying earnings after tax 9.3 per cent to $49.4m.

Revenue for the year to June rose 3.1 per cent from the year before to $148m, following a decision to defer any rise in tariffs during the year, the company said today.

When an unusual item of $10.5m due to a significant tax law change was included, along with a $2.35m impairment to asset values, bottom line net profit was $38m, compared to $45.2m a year earlier.

Total trade for the year was up 2.4 per cent to 13.75m tonnes, after edging down 0.5 per cent the year before. Exports rose more than 8 per cent to 9.19m tonnes.

Forestry-related exports were up 19 per cent to 6.04m tonnes, while grain and dairy food supplement imports lifted 27 per cent to 849,000 tonnes, the company said.

Container volumes were down 6.5 per cent, mainly as a result of rationalisation of services through shipping line mergers.

Port of Tauranga shares were down 2c in early trading to $6.71.

- NZPA