Port of Tauranga turned in a flat full-year net profit, as gains in container traffic, imports and coal shipments offset falling forest exports.
Jon Mayson, the port's outgoing chief executive, said the country's largest export port "did not expect the downturn in forest volumes to be as severe as it
was" and it expected the difficulties to continue for some time.
The fall in forest exports, largely a product of the strong dollar, resulted in a "triple whammy" for the port. Mayson said it not only affected the parent company but took a bite out of its stake in Northport and the Toll Owens transport venture.
ABN Amro head of research James Miller said difficult times in the forestry sector were not over yet. Given that Port of Tauranga is primarily a logging port, he called the results credible and "in line with expectations".
Overall container volume was up 11.1 per cent to 438,214 containers.
Total cargo through the port increased 3.1 per cent to 12.6 million tonnes. Import volumes were up 22.6 per cent, while export volumes fell 8.6 per cent for the year.
Mayson said the port was no closer to knowing whether it would win the lucrative Fonterra export contract, although the decision might come "reasonably soon".
Mayson, who has been with the port for 33 years (nine as chief esecutive), will hand over the chief executive role to Toll Owens boss Mark Cairns in November.
