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Port of Tauranga first half profit flat

The Port of Tauranga's first half result is flat, despite a drop in cargo handled through the country's biggest port.

The port company's net profit dropped 1.4 percent to $48.3 million in the six months to December, but was otherwise flat after accounting for a tax adjustment of $0.6m.

Revenue was up 1.2 percent to $154.8 million, reflecting a 4.2 percent drop in cargo volumes to just under 13.3m tonnes.

However the port handled 3.4 percent more shipping containers, with transhipment up 3.7 percent.

"The longer-term outlook remains for cargo growth, particularly in containerised cargo, so our next stage of capacity expansion is already under way," chair David Pilkington said.

Exports fell 2.6 percent, driven down by an 8.4 percent drop in log exports.

Imports fell 6.7 percent, with a significant fall in imported fertilisers and dairy stock feed.

Ship visits were also down 7.4 percent.

This article was originally published on RNZ and re-published with permission.

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