Port of Tauranga revenue results released

The Port of Tauranga. Photo/file

Port of Tauranga has today released its half year results, showing a boost in reported net profit despite a drop in log volumes.

In the six months to December 31, 2014, the port experienced a total cargo volume increase of 1.2 per cent to 10 million tonnes and containers transferring from one ship to another at the Tauranga Container Terminal increased by 28.9 per cent.

Revenue for the half year was $136.3m, with growth in dairy and meat exports believed to have helped off-set the impact of a drop in log volumes.

Port of Tauranga chairman David Pilkington said: Port of Tauranga has delivered a strong result for the first half, despite the drop off in log volumes. The 2014 alliance we struck with Kotahi is already driving increased freight volumes through the port."

Kotahi is a freight management partnership between forward thinking freight owners.

"We have also seen a strong increase in import volumes and we have new opportunities emerging on many fronts, particularly through our new South Island operations," Mr Pilkington said.

Mr Pilkington said the port's board declared a fully-imputed dividend of 22.0 cents per share - up 4.8 per cent on last year's interim dividend of 21.0 cents per share.