Port of Tauranga said its December half year net profit fell to $20.5 million from $21.5m a year ago, but discounting last year's $1.8m one-off gain, it was up 4 per cent.
The company raised its fully imputed dividend to 9 cents from 8 cents.
Chairman John Parker
said called the result "robust".
"Directors confidently expect the full year result to be ahead of last year," he said.
Trade for the period was 6.518 million tonnes, down 5 per cent down on last year due largley to a 61 per cent fall in coal imports.
The coal downturn was partially offset by a 66 per cent increase in grain and palm kernel expeller imports (palm kernel expeller is used as a dairy food supplement).
Log exports were flat while container volumes rose 8 per cent.
The balance sheet was strong with the debt-equity at 29 per cent, he added.
Chief executive Mark Cairns said the future was positive due to the very strong performance of the container terminal over the last quarter.
He said there were also encouraging signals from log exporters, that are reporting price increases into South Korea and China along with a fall in bulk shipping charter rates.
"The recent announcement by the world's third largest container shipping line CMA CGM to relocate from Ports of Auckland to Port of Tauranga provides a timely example of our progress towards becoming New Zealand's primary North Island hub port."
The company is trying to secure resource consents to dredge shipping channels and berth pockets to 14.5 metres draught to accommodate the next class of container ships expected.
Port of Tauranga shares were up 10 cents to $6.60 shortly after the result. The stock has traded between $5.76 and $7.28 in the last year.
- NZPA
