New Zealand: Port of Tauranga sees growth in first quarter of financial year, boosted by log trade

Port of Tauranga has reported that first quarter trade volumes grew 8.3 per cent on the same period last year, with the port handling more than 6.6 million tonnes of cargo between the 1st of July 2018 and the 30th of September 2018.

The increase was driven by log exports, which were 14.7 per cent higher as compared with the previous corresponding period.

Port of Tauranga’s Chief Executive, Mark Cairns, told the Company’s Annual Meeting of Shareholders that the unaudited Group Net Profit After Tax for the first quarter was up 4.6 per cent on the previous corresponding period.

“Based on the first quarter’s performance, and notwithstanding any significant market changes, we expect full year earnings to be between NZ$96 million (US$62.62 million) and $101 million US$65.88 million),” he said. This compares with a record Net Profit After Tax of $93.4 million (US$60.93 million) for the year ended June 2018.