18 Feb 2016

Port of Tauranga first half profit eases

10:43 am on 18 February 2016

The country's biggest export outlet, Port of Tauranga, has reported a lower first half profit, with cargo volumes largely flat.

Port of Tauranga

Port of Tauranga cranes at the container facility on Tauranga Harbour. Photo: 123rf

The company's net profit for the six months ended December was $38.6 million, compared with last year's $42.6 million, which included a profit from an asset sale.

It said cargo volumes were fractionally higher, with a lift in container trade, kiwifruit and dairy cargo offsetting a sharp fall in log exports.

The result was in line with analysts' forecasts, and the company reaffirmed that it expected a full year profit, before one-off items, similar to last year's $79 million.

The company operates a cargo hub in South Auckland, has a half share in the Port of Timaru, and a share in the Kotahi freight network .