NZ: Total trade through Port of Tauranga increases by 10%
The Port of Tauranga recorded a 10 percent gain in total trade to 22.2 million tonnes in 2017 and handled a record 1.08 million containers, up about 14 per cent from 2016 levels.
The port forecast 2018 profit will rise as much as 10 per cent, saying it expects a strong pick-up in freight volumes in the first quarter to continue.
New Zealand’s biggest port company expects full-year earnings to be $88 million-to-$92m, up from $83.4m in 2017, chief executive Mark Cairns told shareholders at their annual meeting in Tauranga today.
That comes after “a very strong start to the year” with total trade up 15 per cent, Cairns said. Log volumes rose 13 per cent in the first quarter, container numbers climbed 26 percent and trans-shipped containers soared 87 per cent, evidence of Port of Tauranga’s consolidation as New Zealand’s hub port, he said. Net profit in the first quarter rose 15 per cent.
“We expect cargo and earnings growth to continue” and “we still have ample headroom to handle increasing volumes,” Cairns said.
Over the past six years, it has captured 55 per cent of the nation’s international cargo volume growth, more than four times its nearest rival.
Publication date: 10/20/2017
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