Port of Tauranga has reported continued growth in container and dairy export volumes for the first half of its 2016 financial year to December 2015, offsetting a fall in log exports over the period.
Reported and underlying group net profit after tax was $38.6 million. The result was slightly ahead of the prior year's interim underlying profit after tax of $38.5 million, but lower than the reported net profit of $42.6 million. The previous result included a non-recurring gain on the sale of associate companies of $4.1 million with the merger of Tapper Transport into freight logistics company Coda Group.
The port reconfirmed its full year earnings guidance to be in line with last year's underlying after tax profit of $79.0 million.
Revenue for the six months was down 9.8 per cent, following the exclusion of Tapper Transport revenue, which is now equity accounted as an associate company.
Chief executive Mark Cairns said that when the port fully owned Tapper Transport, it counted the revenue through the group, but now that the port only owned 50 per cent, it had to be equity accounted.