Port of Tauranga cargo reports 5% decreased earnings

Port of Tauranga cargo

Caption: Port of Tauranga cargo reports 5% decreased earnings

Port of Tauranga, New Zealand’s international hub port, this week reported flat earnings in the first quarter of the financial year.

From July 1 2020 to September 30 2020, Port of Tauranga handled nearly 6.4 million tonnes of cargo, a 5 per cent decrease on the same period last year.

Containerised cargo decreased by 8 per cent to 287,670 TEUs. Imports were the same as the first quarter last year, and exports were down 8 per cent.

Port of Tauranga Chief Executive, Mark Cairns, told the Company’s Annual Meeting of Shareholders today that the unaudited Group Net Profit After Tax for the first quarter was $21.5 million, compared with $21.7 million in the previous corresponding period.

“Based on the first quarter’s performance, and notwithstanding any significant market changes, weexpect full year earnings to be between $86 million and $93 million,” says Mark.

Marks says that Port of Tauranga is still planning for long-term cargo growth.

“Port of Tauranga is a long-run infrastructure company and we will continue to pursue capacity expansion and greater efficiencies, to avoid the bottlenecks and congestion currently being experienced in the Upper North Island supply chain,” says Mark.

“We have a demonstrable track record and a very strong A- credit rating renewed last month by Standard & Poors. We believe we are well placed to weather whatever the Covid-19 storm throws at us next.”