Source: Radio New Zealand
Port of Tauranga. RNZ / Cole Eastham-Farrelly
Higher cargo volumes driven by a rebound in imports have delivered a strong half-year profit for the country’s biggest port.
Key numbers for the six months ended December compared with a year ago:
- Net profit $70.2 million vs $60.2m
- Revenue $244m vs $225m
- Cargo vols 12.6m tonnes vs 12.4m tonnes
- Forecast FY underlying profit between $142m-152m vs actual 2025 $126m
- Interim dividend 8 cents per share vs 7 cps
Port of Tauranga chairperson Julia Hoare said the result had been achieved through operational efficiency and control of costs, as a rise in imports made up for a dip in export trade.
“Export volumes were affected by subdued export log demand and a later-than-usual start to the dairy export season, this was offset by strong import demand and improved performance across our subsidiary and joint venture businesses.”
Cargo volumes rose just over 1 percent, with the number of containers handled up nearly 3 percent.
Export volumes were down slightly because of a late start to the dairy season and lower logs exports, but the improving economy drove an increase in imports.
The port’s various subsidiaries including interests in the Timaru Port, Northport, inland cargo handling hubs and logistics, increased their contributions by more than a quarter to $6.2m.
Chief executive Leonard Sampson said the port was putting much effort into improving its resilience and efficiency.
“We are investing in capacity, improving productivity and service delivery to our customers, as well as expanding our network to prepare for future growth.”
That included faster handling of containers, automating some functions, along with ordering equipment and tugs, and dredging the harbour to handle bigger ships in the future.
The port expected a continuation of the first half’s momentum into the rest of the year.
“The later start to the dairy export season, combined with a strong kiwifruit export season from March, is expected to support continued strong volumes in the second half of the financial year.”
Meanwhile, the company has been fast tracked for a consent hearing for a new container berth and is waiting for a hearing.
Sampson said the port was into its seventh year in the planning process to get the Stella Passage project approved and the delay has forced the port to turn away shipping services which would have saved businesses tens of millions of dollars.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
