Port profit surges on back of container and log rebound

By Yoke Har Lee

Port of Tauranga recorded a 55 per cent rise in after-tax profit to $18.1 million for the year ended June.

A 20 per cent jump in container volumes and the Asian rebound for logs boosted return.

Excluding a one-off gain from the sale of fixed assets, profit was up 33 per cent.

Chairman Fraser McKenzie says investments to develop Tauranga's container and distribution facilities have attracted additional ship calls and driven up exports from the port.

Log volumes rose to 3.1 million tonnes, or a 9.5 per cent rise after falling 20 per cent a year ago during the Asian economic downturn.

The net profit was achieved on revenue of $52.89 million, up from $46.20 million. The company's earnings per share rose to 23.7c from 15.3c.

Directors have recommended a final dividend of 13c and this will bring the total dividend to 18c.

A special fully imputed dividend of 20c was paid in March.