The Port of Tauranga, the largest port in New Zealand, reported profit after tax of more than $100 million for the first time.
Group net profit was 6.7 per cent up on the previous year at $100.6 million, fulfilling previous earnings guidance of delivering at the upper end of $96 million to $101 million.
The port handled close to 27 million tonnes of cargo, an increase of 10.2 per cent in volume, with container cargo growing 4.3 per cent to more than 1.1 million TEUs, or twenty foot equivalents.
Exports increased 11.2 per cent to 17.1 million tonnes while imports rose 8.4 per cent to 9.8 million tonnes.
Transhipments, where containers are transferred from one service to another, increased 11.2 per cent, now making up 32.1 per cent of containers handled at Tauranga.
Port of Tauranga’s Chair, David Pilkington, said the results were evidence of Port of Tauranga’s success in becoming New Zealand’s major international hub port.
Meanwhile, ratings agency Standard & Poor’s (S&P) raised their long-term issuer credit rating on Port of Tauranga Limited (POT) from “BBB+” to “A-“. S&P have also affirmed POT’s “A-2” short-term rating.
This upgrade to POT’s long-term credit rating reflects POT has consolidated its competitive position within New Zealand on the back of strategic investments and constrained competitors.