Logs lift Port of Tauranga results
Wednesday 4 Sep 2019
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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