Port Of Tauranga Registers 47% Fall In Net Profit


News: New Zealand's Port of Tauranga registered a 47% year-on-year drop in net profit to NZD39.3mn (US$32.52mn) during the six months to December 2013, compared with NZD74.2mn (US$61.4) in the year-ago period. However, the port's operating earnings rose by 5.5% in the reported period. Its total trade increased by around 6% to about 10mn tonnes, said Chairman David Pilkington (Radio New Zealand). The port anticipates a rise in cargo volumes in the full-year with its acquisition of half of PrimePort Timaru and construction of a freight hub in Rolleston, south of Christchurch, added Pilkington. The company may record a full-year profit of NZD77-81mn (US$63.7-US$67.03mn) in the absence of any significant market changes.

This article is tagged to:
Sector: Shipping
Geography: New Zealand