The Port of Tauranga announced an after tax profit of $45 million at its annual meeting on Thursday.
'To be able to report a profit is pleasing and to be able to report an increase in profit, very pleasing indeed,” says board chairman John Parker.

'Calling our $45 million after tax earnings result pleasing, especially in the current environment, is rather faint praise for a result that took a lot of effort for all at Port of Tauranga.
'To achieve a 7.3 per cent increase in earnings on flat trade, and with operating revenue reducing 3.5 per cent, is a result that we are actually very proud of.”
The result allowed directors to increase total dividends paid to shareholders from a record 25 cents in 2008 by another 8 per cent to 27 cents per share.
'Our particularly strong balance sheet has seen us weather the worst of the credit crisis and our debt to debt plus equity ratio remains conservative at 29.4 per cent,” says John.
'Our current debt is $207.5 million and we have a facility to 31 December 2010 for $225 million, plus a $35 million facility to 31 December 2009. Our current cost of debt is 5.0 per cent, which according to Asia Pacific Risk Management, is the second lowest corporate cost in New Zealand.
'Debt rollover is an issue for many corporates and we have commenced discussions with our bankers and are confident of renewing our debt facilities well in advance of expiry.
'Our very strong cash flows are a real strength. This is best illustrated by the fact that we spent $73 million in capex and $77.7 million in dividends over the last two years – a total cash outflow of $150.7 million, with net debt only increasing by $27 million over the period.”