NZ ports’ financial updates

The return was impacted by an 11% reduction in overall cargo throughput to 1.7m tonnes, with logs noted to be one of the bulk cargoes to have declined. However, expectations are that overall cargo volume will pick up in the second half of the year.

Ports of Auckland has labelled its interim financial result “short-term pain for long-term gain”, as its net profit after tax comparably fell 16.4% to NZ$24.4m.

Revenue rose 2.5% to NZ$123.6m, but the result was impacted by capital expenditure on new cranes and its automation project, with operating costs also rising due to the latter work impacting cargo throughput and productivity.

A strong interim has been delivered by the Port of Tauranga, with net profit after tax rising 4% to NZ$49m and revenue increasing 8% to NZ$153m.

The result was predicated on increasing cargo throughput, with total trade lifting 8.8% to almost 13.6m tonnes and container volumes growing 5.1% to 621,117 teu.

Port Taranaki declared its interim an “investing for growth” result, with revenue declining 2.5% to NZ$23.7m and Net Profit After Tax dropping 35% to NZ$4m.

The port undertook some extraordinary one-off expenditure during the period so as to position it for future growth and sustainability.

South Port achieved a 7.4% rise in revenue to NZ$20.9m but 7.1% reduction in net profit after tax to NZ$4.55m.

It was noted that investment in increased repairs and maintenance — including the scheduled five-yearly dry docking of the tug Hauroko — impacted the result.