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Tauranga's profit drops 2.4pc to US$56 million, but box volume up 12pc
NEW ZEALAND's Port of Tauranga saw its annual net profit fall 2.4 per cent year on year to NZ$77.3 million (US$56.24 million) drawn on revenues of NZ$245.5 million, down 8.5 per cent.
Disappointing performance was blamed on an increase in depreciation charges and a sharp drop in log volumes. Also contributing was a NZ$32 million decrease in revenue as a result of having to equity account Tapper Transport as an associate company within the port's new Coda logistics partnership.
But container traffic was up 12.1 per cent to a record 954,000 TEU. Following the completion of dredging to deepen and widen the port's shipping channels, the first 9,500 TEU ship is scheduled to start calling at the port in October. It is the first port in New Zealand to be able to accommodate vessels of this size.
"Over the long term, large ships have the potential to deliver in excess of NZ$300 million in annual savings to the country's exporters and importers," said Port of Tauranga chairman David Pilkington.
"Port of Tauranga continues to consolidate its position as the country's leading freight gateway. With our NZ$350 million five-year investment programme largely complete, we have capacity to continue to grow freight volumes for the foreseeable future and importantly relieve constraints now emerging elsewhere in the country's port infrastructure," said Mr Pilkington.
Said port CEO Mark Cairns: "Following the introduction of the new shipping services we expect to handle over one million TEU in the year ended June 2017."
Disappointing performance was blamed on an increase in depreciation charges and a sharp drop in log volumes. Also contributing was a NZ$32 million decrease in revenue as a result of having to equity account Tapper Transport as an associate company within the port's new Coda logistics partnership.
But container traffic was up 12.1 per cent to a record 954,000 TEU. Following the completion of dredging to deepen and widen the port's shipping channels, the first 9,500 TEU ship is scheduled to start calling at the port in October. It is the first port in New Zealand to be able to accommodate vessels of this size.
"Over the long term, large ships have the potential to deliver in excess of NZ$300 million in annual savings to the country's exporters and importers," said Port of Tauranga chairman David Pilkington.
"Port of Tauranga continues to consolidate its position as the country's leading freight gateway. With our NZ$350 million five-year investment programme largely complete, we have capacity to continue to grow freight volumes for the foreseeable future and importantly relieve constraints now emerging elsewhere in the country's port infrastructure," said Mr Pilkington.
Said port CEO Mark Cairns: "Following the introduction of the new shipping services we expect to handle over one million TEU in the year ended June 2017."
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