Wedoany.com Report on Mar 3rd, Port of Tauranga announced that its net profit after tax for the six months ended December 31 increased by 16.6% to NZ$70.2 million, while also raising its full-year profit forecast. This performance was attributed to stable trade volumes and improved operational efficiency.
During the period, total trade volume grew slightly by 1.2% to 12.6 million tonnes, container volume increased by 2.6% to 607,114 TEUs, and vessel visits rose by 3.9% to 717 ships. Imports grew by 5.3% to 4.7 million tonnes, offsetting a slight 1% decline in exports to 7.9 million tonnes, with log exports decreasing by 2.2% and direct dairy exports falling by 3.4%. Operating revenue increased by 8.5% to NZ$244.1 million, earnings from subsidiaries and joint ventures climbed 27.3%, and an interim dividend of 8 New Zealand cents per share was declared.
Port of Tauranga Chair Julia Hoare noted, "While export volumes were impacted by soft log demand and a later start to the dairy export season, strong import demand and improved performance from our subsidiaries and joint ventures compensated for the shortfall." Chief Executive Leonard Sampson added, "We are investing in capability, enhancing customer productivity and service, and expanding our network to prepare for future growth."
Operationally, net crane productivity improved by 3.5% to 30.8 container moves per hour, and vessel productivity increased by 12.7% to 77.3 moves per hour. The port has commenced the second stage of the Te Awanui Tauranga Harbour capital dredging program and ordered larger hybrid tugs to support growing vessel sizes. Progress has been made on the Stella Passage development, with a fast-track resource consent application submitted in January, confirmed as complete by the Environmental Protection Authority, and set for assessment by an expert panel. Plans for automated yard cranes are advancing, with early digital simulation testing indicating potential efficiency gains.
Container volumes at the Ruakura Inland Port increased by 22% year-on-year. Auckland's MetroPort introduced a new operating model on December 1, and KiwiRail increased rail capacity between Auckland and Tauranga starting in February. Looking ahead, Port of Tauranga expects strong kiwifruit exports from March and a later dairy season to support trade volumes in the second half, although reefer container capacity may be tight. Based on market conditions, the group has raised its full-year forecast for underlying net profit after tax to between NZ$142 million and NZ$152 million.
