Port of Tauranga said its net profit rose by 8.2 per cent to $42.6 million in the six months to December and broadly hinted that a capital repayment may be in store once its $350 million channel deepening project is complete in 2017.
The company said growth in container volumes and dairy and meat exports mostly offset the impact of a 17 per cent decline in log export volumes. Improved volumes also reflected the return of Maersk's Southern Star service to the port.
Chief executive Mark Cairns said the company puts its dredging project out to tender next month.
"We are coming out of a capex bubble," Cairns said. "Once we are out of that in 2017 we will know where we are at with the dredging tender - that's when the board will make its decision," he said.
"Whether it's a special dividend or some other means we have not yet determined but we do have significant imputation tax credits available."
