Logs lift Port of Tauranga results

Wednesday 4 Sep 2019

Port of Tauranga, New Zealand’s largest port, has just reported record cargo volumes and increased profits for the year to 30 June 2019. It continues to consolidate its position as New Zealand’s international hub port, with transhipment increasing 11.2%. The Port handled more than 26.9 million tonnes of cargo, an increase of 10.2% in volume, with containerised cargo growing 4.3% to more than 1.2 million TEUs (twenty foot equivalent units, a standard measure of shipping containers).

Group Net Profit After Tax passed the $100 million milestone for the first time, increasing 6.7% on last year’s profit of $94.3 million to reach $100.6 million.

• Group Net Profit After Tax increases 6.7% to $100.6 million
• Annual container throughput increases 4.3% to more than 1.2 million TEUs
• Transhipment increases 11.2%, making up 32% of all container traffic
• Log export volumes increase 12.5% to 7.1 million tonnes
• Exports increase 11.2% to 17.1 million tonnes
• Imports increase 8.4% to 9.8 million tonnes
• Annual revenue increases 10.4% to $313.3 million

Cargo trends – Exports increased 11.2% to 17.1 million tonnes and imports increased 8.4% to 9.8 million tonnes for the year ended 30 June 2019.

Log exports increased 12.5% to 7.1 million tonnes. This trend is not expected to continue in the short term, with log prices declining in June following a drop in demand from China, New Zealand’s biggest log export market. We expect some impact on volumes in the coming months.

Sawn timber exports increased 5.4% in volume and, overall, forestry-related exports increased 10%. Dairy product exports remained steady. Kiwifruit exports increased 15.2% during the period. Other primary produce sectors also performed strongly, with frozen meat exports increasing 18.8% in volume and apple exports increasing 54.3%. Cement imports decreased 17.1% in volume and steel exports decreased 7.7%. Salt imports increased 26.8% in volume.

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