Contrasting results for Taranaki, Wellington
New Zealand North Island ports, CentrePort Wellington and Port Taranaki, have delivered contrasting performances in the financial year to June 30.
The Capital City’s port achieved a comparable 28% increase in net after-tax profit to NZ$17.9m (US$12.6m) and 9% lift in revenue to NZ$76.2m.
Among highlights during the year were a 23% rise in box throughput to 132,000 teu, 19% lift in the log trade to 1.04 million JAS and a property revaluation entailing net fair value gains of NZ$3.4m.
Contrastingly, the West Coast port returned a comparable 22% fall in net after-tax profit to NZ$8.9m and 10.6% drop in revenue to NZ$44.7m.
The result was influenced by both a downturn in the port’s key oil and gas trade as well as Fonterra’s decision to take on its own container transfers at a nearby cool store diminishing the port’s container trade.
Although Port Taranaki’s total trade decreased 8.1% to 5.2m tonnes, it nonetheless achieved a record year’s log trade, whereby volumes increased 71.2% to 360,000 tonnes. It has also created a promising new revenue stream by providing increased storage solutions for customers close to wharves and completed an efficiency review during the year.
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