Port posts record profit

Port of Tauranga today announced a record $57.9 million net profit after tax for the year to June 30, 2011.

The 17.2 per cent increase is on the back of an increase in trade volumes of 12.4 per cent to 15.4 million tonnes from 13.7 million tonnes, in spite of patchy economic recovery.


Container volumes continue to climb. Pictured: The ship Coscofuzhou in port.

Container volumes have risen by 15 per cent to 590,506 Twenty Foot Equivalent Units, and container transhipment volumes rose 52 per cent.

The final dividend is 21 cents per share, lifting the total dividend payout by 6.9 per cent.

Strong cargo growth, tight cost control and solid contributions from associate companies, lifted the Underlying Group Net Profit After Tax from $49.4 million last year, says Port of Tauranga chairman John Parker.

'Despite the patchy economic recovery, we have enjoyed strong growth in trade volumes, which increased by 12 per cent from 13.7 million tonnes to more than to 15.4 million tonnes,” says John.

'This trade included 78 per cent more international volume and more than three times the export volume of Port of Tauranga s nearest competitor.”

Container traffic which rose to 590,506 TEUs from 511,343 TEUs in 2010 now represents 40.5 per cent of the port's total trade.

Growth at MetroPort, the container handling facility located in the heart of Auckland's industrial belt, was particularly strong, rising 20 per cent to 138,000 TEUs from 115,000 TEUs in 2010.

Break Bulk volumes are boosted by strong demand for New Zealand s commodity exports, particularly from Asia, and rising confidence in the dairy sector.

Log export volumes rose to 4.4 million tonnes from 3.8 million tonnes. Fertiliser import volumes rose 64 per cent to 530,000 tonnes from 324,000 tonnes, while grain and dairy food supplement cargoes rose 26 per cent to 1.1 million tonnes from 849,000 tonnes.

Strong volume growth is combined with cost containment. Earnings Before Interest

Tax Depreciation and Amortisation (EBITDA), a measure of cash operating earnings, rose 16.6 per cent to $109 million from $93 million in 2010.

Recent research by New Zealand s Ministry of Transport confirmed Port of Tauranga to be the most productive container port in Australasia, in the top 10 per cent of the world's most productive ports.

'This highlights our ability to control costs while making improvements to customer service,” says John.

Port of Tauranga's five associate companies and subsidiary Tapper Transport Limited, spanning activities as diverse as on-wharf logistics and container cleaning and traditional port operations, contributed a net $12.4 million to Group Net Profit After Tax, up from $8.5 million in 2010.

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2 comments

Great Result

Posted on 18-08-2011 14:29 | By RawPrawn

Perhaps now PoT will be able to make a meaningful contribution towards the costs of recently constructed infrastructure dedicated to its service and hitherto funded by tax/ratepayers


regional council

Posted on 18-08-2011 17:36 | By Mr bay

Does this mean I don't have to pay my rates to the regional council considering they are the major share holder....


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