Port of Tauranga reported strong rises in forestry-related exports and in imports of grain and dairy food supplements as it lifted full year underlying earnings after tax 9.3 percent to $49.4m.
Revenue for the year to June rose 3.1 percent from the year before to $148m, following a decision to defer any rise in tariffs during the year, the company said today.
When an unusual item of $10.5m due to a significant tax law change was included, along with a $2.35m impairment to asset values, bottom line net profit was $38m, compared to $45.2m a year earlier.
Total trade for the year was up 2.4 percent to 13.75m tonnes, after edging down 0.5 percent the year before. Exports rose more than 8 percent to 9.19m tonnes.
Forestry-related exports were up 19 percent to 6.04m tonnes, while grain and dairy food supplement imports lifted 27 percent to 849,000 tonnes, the company said.
Container volumes were down 6.5 percent, mainly as a result of rationalisation of services through shipping line mergers.
Port of Tauranga shares were down 2c in early trading to $6.71.
