POT sees strong cargo growth in first quarter

The Port of Tauranga. Supplied photo.

Port of Tauranga is reporting its first quarter trade volumes grew 8.3 per cent on the same period last year.

From 1 July 2018 to 30 September 2018, the Port handled more than 6.6 million tonnes of cargo.

The increase was driven by log exports, which were 14.7 per cent higher compared with the previous corresponding period, and transhipped containers, which increased 11.4 per cent in volume.

Dairy exports decreased due to seasonal fluctuations and were 7.1 per cent than the same time last year.

Overall container numbers increased 0.7 per cent for the three month period, to just under 296,000 TEU (twenty foot equivalent units).

Port of Tauranga Chief Executive, Mark Cairns, says the unaudited Group Net Profit After Tax for the first quarter is up 4.6 per cent on the previous corresponding period.

'Based on the first quarter's performance, and notwithstanding any significant market changes, we expect full year earnings to be between $96 million and $101 million.”

This compares with a record Net Profit After Tax of $93.4 million for the year ended June 2018.

Mark says the Port is now looking to the next stage of cargo growth and has ordered a ninth container crane for delivery in 2020.

It also intends to extend its container berths south of the existing wharves on existing port-owned land.

Of its 190 hectares in landholdings, Port of Tauranga has about 40 hectares of land still available to accommodate cargo growth.

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