Port profit off to good start

Port of Tauranga achieved a $7.21 million unaudited profit for the first three months of the financial year, ahead of the same period last year.

Chief executive Jon Mayson said in a speech for yesterday's annual meeting that trade for the first quarter was also up, at more than one million tonnes a month.

"This meant that the company was performing ahead of the previous year at both an operating and financial level."

The company gave no figures for the previous year.

Volumes of logs, sawn timber, grain, meat and dairy products handled by the port rose during the year, Mayson said.

Northport, the joint venture with the Northland Port Corporation, which was officially opened two weeks ago, was trading well.

In the first three months of operation Northport handled 545,000 cargo tonnes, 12 per cent above expectations. The unaudited net profit after tax for the period was $450,000, of which Port of Tauranga was eligible for $225,000.

Log marshalling and materials handling company Owens Services, which Port of Tauranga has bought for $31.5 million, appeared to have performed about 50 per cent better than the purchase price indicated for the first three months of the financial year.

The company will pay a final dividend of 22c a share on November 1.

The board has approved a two-for-one split in the company's shares on November 8.

The port posted a net profit of $26 million for the year ended June 30.

- NZPA