Port of Tauranga on track for profit rise

For fresh produce marketing in Australia and New Zealand
Gabrielle Easter

BY GABRIELLE EASTER

@gab_produceplus

Port of Tauranga on track for profit rise

New Zealand’s largest port has forecast a 10 per cent profit rise for 2018

Port of Tauranga on track for profit rise

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The Port of Tauranga has reported 15 per cent growth in volume and net profit in the first quarter of 2018, setting the New Zealand port up for a 10 per cent profit increase for the financial year.

“Based on the first quarter’s performance, and notwithstanding any significant market changes, we expect full year earnings to be between NZ$88m and NZ$92m,” said Port of Tauranga chairman David Pilkington. Last year's after tax earnings reached NZ$83.4m for the year ending 30 June 2017.

Container numbers grew 26 per cent in the three months to 30 September 2017, due largely to a significant increase in transhipment.

“The trend to larger ships, and those ships making Tauranga their only Australasian call, has led to a significant increase in transhipment,” Pilkington explained. “Transhipment of cargo from other New Zealand ports to Tauranga has quadrupled in the past year.”

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