Sinking property values hit NZ financials

Port Taranaki recorded a comparably flat net after-tax profit of NZ$4.76m (US$2.9m), 16% rise in revenue to NZ$43m (US$26.4m) and new container throughput record of 59,586 teu during the 2007-2008 financial year. Profit was predominantly affected by higher operating expenditure and write-offs associated with a failed coal trade bid.