24 Oct 2014

Tauranga Port's profit expected to rise

7:44 am on 24 October 2014

Port of Tauranga expects the current full-year profit to be between $78 and $83 million.

The Port of Tauranga

The Port of Tauranga. Photo: Photo NZ

Last year's result was $78 million.

However, at its annual meeting yesterday, shareholders were told the group's current year profit fell 3 percent in the first quarter ended September, compared with the same period last year.

It attributed the drop to higher interest and depreciation expenses, linked to its $250 million capital expenditure programme, to upgrade its facilities for bigger ships, over a four-year period ending in 2016.

Chief executive Mark Cairns said he wanted the business to retain its number one position in the market for trade volume, productivity and profitability.