Port of Tauranga Limited has reported strong financial results for the first six months of the 2023 financial year, despite decreases in some cargo volumes.
Group Net Profit for the six months to December 2022 was $62.7 million, an increase of 11.3% from the same period last year. Total cargo volumes decreased 2.5% to 12.7 million tonnes.
The financial performance was driven by an increase in container volumes and transhipment, as well as the return of cruise ships to the Bay of Plenty. Container volumes increased 2.5% to 637,728 TEUs[1] for the six month period, with transhipped containers (transferred from one vessel to another at Tauranga) increasing 21.7%.
Highlights and challenges for the six months to 31 December 2022:
- Group Net Profit After Tax $62.7 million (an increase of 11.3% from the previous corresponding period)
- Total trade 12.7 million tonnes (a decrease of 2.5% from the previous corresponding period)
- Container volumes 637,728 TEUs (an increase of 2.5% from the previous corresponding period)
- Imports 5.0 million tonnes (a decrease of 0.9% from the previous corresponding period)
- Exports 7.7 million tonnes (a decrease of 3.5% from the previous corresponding period)
- Transhipped containers 21.7% increase to 174,444 TEUs
- Subsidiary and Associate Company earnings 0.6% increase compared with the previous corresponding period
- Log exports 3.0 million tonnes (a decrease of 2.6% from previous corresponding period)
- Direct dairy exports 0.9 million tonnes (a decrease of 3.2% from previous corresponding period)
- Ship visits 701 (an increase of 2.5% from the previous corresponding period)
- Cruise ship visits resumed in October 2022, with just under 100 vessels expected over the summer season
- Interim dividend of 6.8 cents per share (a 4.6% increase on the previous corresponding period).
Financial results
Operating revenue increased 13.9% to $211.9 million for the six months to December 2022. Operating expenses increased 17.6% due to increased labour, equipment and property maintenance and fuel costs.
Subsidiary and Associate Company earnings were flat compared with the same period last year, increasing 0.6%.
The country’s largest exporter, Kotahi, has reinforced its commitment to Timaru Container Terminal by renewing its export cargo volume agreement through to 2030.
Cargo trends
Log exports decreased by 2.6% to just over 3.0 million tonnes for the six month period as a result of soft international pricing and strong domestic demand. Direct kiwifruit export volumes were down significantly, by 30.7%, due to issues with fruit quality.
Ship visits increased 2.5% to 701 over the six month period.
For more information:
Rochelle Lockley
Port of Tauranga Limited
Tel.: +164 021 865 884