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New Zealand Tauranga port posts first half profit of US$32.5 million
NEW Zealand's Port of Tauranga Ltd has posted profit of NZ$39.3 million (US$32.5 million) for the six months to December 31, down from the previous year's NZ$74.2 million, which had included one off gains of NZ$35 million from an asset sale.
Despite the heavy decline in profits, the company said its underlying business and earnings were strong and steady, reported Reuters
Underlying first half earnings were fractionally stronger, with increased revenue coming from higher cargo volumes.
The country's biggest export port reaffirmed its October forecast that full-year profit will come to between NZ$77 million and NZ$81 million.
Despite the heavy decline in profits, the company said its underlying business and earnings were strong and steady, reported Reuters
Underlying first half earnings were fractionally stronger, with increased revenue coming from higher cargo volumes.
The country's biggest export port reaffirmed its October forecast that full-year profit will come to between NZ$77 million and NZ$81 million.
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