Contrasting results for Taranaki, Wellington

Port Taranaki achieved a record year’s log trade. Credit: Dave Young

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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