New Zealand: Port of Tauranga Posts Record Half Year Result
Port of Tauranga today posted a record half-year result as it consolidates its position as the country’s leading freight gateway.
Revenue for the six months to December rose 14% to $105.7 million, from $92.8 million in the same period last year, while Net Profit After Tax rose 22% to $34.6 from $28.4 million, reflecting strong growth in core port operations and solid contributions from Associate and subsidiary companies.
Port of Tauranga Chairman, John Parker, says: “The results are a tribute to Port of Tauranga’s staff and service providers, who have responded quickly to the growth in demand due to the ongoing recognition of our reliability, productivity and competiveness and also to the short-term increase in demand in the wake of the industrial dispute at Ports of Auckland.”
Port of Tauranga is also working to commence dredging of the Tauranga Harbour in order to accommodate larger container ships. The Port was pleased by the Environment Court’s recommendation to the Minister of Conservation in December that the Port be granted consent to proceed. However, two appellants have subsequently lodged an appeal to the High Court and a three day hearing has been set down for early April 2012.
The expansion of Sulphur Point, increased rail capacity linking the Terminal in Tauranga with MetroPort Auckland and the continued growth in container trans-shipments bode well for Port of Tauranga’s long-term future.
In the short term, the relocation of Fonterra’s upper North Island export business to Tauranga from the end of January will provide an increase to container numbers in the second half.
Dredging Today Staff, February 23, 2012; Image: port-tauranga