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Current as of 24/11/14 01:00PM NZST

Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency

Port of Tauranga profits up 5pc to record $77.2m

Port of Tauranga
Port of Tauranga

Port of Tauranga said its underlying net profit rose by 5 per cent to a record $77.2 million in the June year, reflecting costs control and strong growth in its container and bulk cargo business.

The company's bottom line net profit rose by 52 per cent to $112.1m from $73.5m a year earlier, lifted by strong earnings from associate companies and a $38.2m profit on the sale of its half share in freight logistics company, C3 Ltd.

Port of Tauranga announced a final dividend of 26c per share, raising its full-year dividend payout by 18 per cent to 46c per share.

See the company's latest financial results here.

Total freight transported across the port grew by 3 per cent to 19.1 million tonnes, with growth in exports - particularly in dairy products and logs - more than offsetting a decline in import tonnages.

Port of Tauranga also consolidated its position as the country s largest container port.

Container volumes grew by 7 per cent to 848,384 TEU (twenty foot equivalent units) even though the previous year's figures included traffic diverted to Port of Tauranga during the Ports of Auckland industrial action. Shares in Port of Tauranga last traded at $14.70, unchanged from Wednesday's close.

- APNZ

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