Port quarterly results flat, but annual prospects good

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The Port of Tauranga’s first quarter report, for the period from 1 July 2019 to 30 September 2019, showed that it handled nearly 6.8 million tonnes of cargo, a 1.1 percent decrease on the same period last year.

Log exports dropped 5.2 percent in volume to just over 1.7 million tonnes, following a sharp decrease in international prices and demand in the past few months. 

Dairy product exports decreased 1.7 percent compared with the same period last year. 

However, container numbers increased overall to more than 312,000 TEUs, a 5.8 percent increase on the first quarter of last financial year. 

Transhipments, where a container is transferred from one service to another at Tauranga, increased 9.2 percent to more than 92,000 TEUs. 

Port of Tauranga chief executive Mark Cairns said unaudited Group Net Profit After Tax for the first quarter was $21.7 million, down 6.3 percent from $23.2 million in the previous corresponding period. 

“Based on the first quarter’s performance, and notwithstanding any significant market changes, we expect full year earnings to be between $96 and $101 million,” said Cairns. 

“This is the same guidance we gave at last year’s Annual Meeting for this year’s record result.” 

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David Porter

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