Ports of Tauranga boosts profit

12.00pm

The Port of Tauranga today announced a 7.7 per cent rise in net profit after tax (npat) for the year ended June.

The company posted npat of $33.7 million, up from $29 million a year ago.

The company will pay a 13 cents per share (cps) fully imputed final dividend on October 8, lifting its total dividend payments for the year to 20 cps -- up 11.1 per cent on the year-earlier.

Earnings per share improved from 23.3 cents last year, to 25.1 cents.

Chairman Fraser McKenzie said the year had been one of the company's most challenging trading periods.

"The past year has demonstrated the strength of the strategic planning, the visionary thinking and the hard work that has gone before," Mr McKenzie said.

Total trade volumes through the port were up slightly at 12.24 million tonnes and during the year container volumes grew 12.8 per cent.

Log exports were down by 1 million tonnes, sawn timber by 175,000 tonnes, wood panels by 33,000 tonnes and wood chips by 254,000 tonnes.

Mr McKenzie said these falls were offset by dairy volumes increasing by 63,000 tonnes, meat by 35,000 tonnes, kiwifruit by 90,000 tonnes and other export goods by 341,000 tonnes.

Total container movements rose by 44,607 TEUs (twenty foot equivalent units) to 394,403 TEUs.

He said the company continued to grow its multi-port strategy with a shareholding in Northport and working partnerships with Port Marlborough and The Owens Cargo Company operation, which operates across a number of ports including MetroPort.

The severe downturn in the forestry sector reduced volumes going through the port, and also impacted on the operations of The Owens Cargo Company and the port's investment in Northport.

Shares in the company last traded at $5.12, having traded between $4.00 and $5.40 over the past 12 months.

- NZPA