19 Aug 2010

Higher export sales push up Port of Tauranga profits

1:34 pm on 19 August 2010

Port of Tauranga's underlying profit and its revenue have risen.

The port made a headline profit of $38 million in the year to June, a decrease of 16% on the previous year, but stripping out one-off charges related to tax changes and asset impairments, its underlying profit increased 9% to $49.4 million.

Revenue rose 3% to $148 million, which Port of Tauranga chief executive Mark Cairns says is due to increased exports of forestry products, which offset lower container volumes.

The port declared a dividend payout of 20 cents a share.