Profits steady at the Port of Tauranga

The Oceanliner, Queen Elizabeth, docks in front of the cruise ship Daimond Princess, at the Port of Tauranga. Photo / APN

The Port of Tauranga reported a steady $39.3 million net profit for the first half to December and upped its interim dividend by 5 per cent to 21 cents per share.

The net profit compared to underlying net profit of $39.2 million for the previous corresponding period.

Group earnings before interest, tax, depreciation and amortisation increased by 5.5 per cent to $71.5 million.

See an investor presentation of the results here.

Overall trade increased by 5.8 per cent to 9.9 million tonnes. Exports through the port increased by 6.6 per cent to 6.8 million tonnes and imports increased by 4.1 per cent to 3.1 million tonnes.

Port of Tauranga chairman David Pilkington said the company was well- positioned for its next phase of growth.

The company's acquisition of a half share in PrimePort Timaru and its development of a freight hub in Rolleston, southwest of Christchurch, would open up new opportunities, he said.

"These investments, coupled with the emerging strength of the New Zealand economy and strong international demand for the country's agricultural and forestry exports, will continue to drive increases in cargo volumes across our wharves," he said.

The net profit compared with a reported net profit of $74.2 million - a figure that included a one off $35.3 million gain on the sale of its take in cargo handling group, C3 Ltd.