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Home Port News Port of Tauranga expects full-year earnings' increase

Port of Tauranga expects full-year earnings’ increase

Buoyant 2019 first-quarter figures signal a lift in full-year earnings for the Port of Tauranga, expected to be in the range of $96 million to $101million, the listed company has told shareholders.

Full-year earnings for the 2018 financial year were $94m.

The port's annual meeting in Tauranga heard earnings in the first quarter of 2019 were up 5 per cent on the same period last year, and cargo volumes lifted 8 per cent.

Container volumes were up 1 per cent, transhipments up 11 per cent and logs 15 per cent.

Chief executive Mark Cairns said cargo and earnings growth was expected to continue. He told the Herald the 5 per cent lift in earnings was partly due to seven vessels coming to Tauranga which had been diverted from Ports of Auckland because of congestion problems.

"We are focusing our efforts ensuring that we have infrastructure and facilities in place to cater for the increase in cargo volumes we expect over the next five years," he said.

More than 40 per cent of New Zealand's exports now crossed the port's quays and the operation contributed 43 per cent of the Bay of Plenty's GDP.

Read more on New Zealand Herald.

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