Southern New Zealand ports, PrimePort Timaru and South Port, have both returned strong financial year results.
South Port achieved a comparable 13% rise in net after-tax profit to a record NZ$8.7m (US$6.1m) and 6% lift in revenue to a record NZ$36.7m.
A notable contributor to the port’s 7% increase in total cargo volume to a record 3.1m tonnes was a 7% rise in bulk cargo throughput as South Port benefits from a diversified exposure to the expanding southern economy.
PrimePort delivered a 12% increase in net after-tax profit to NZ$3.5m and 5% rise in revenue to NZ$16.1m.
Excluding containers, its cargo throughput rose 3% to 1.3m tonnes, with log exports notably lifting 12%. Additionally, the commissioning of a new Holcim cement dome during the year saw this trade deliver 100,000 tonnes as it ramps towards an anticipated 350,000-tonne annual volume.
An 18% increase in box volume at the Timaru Container Terminal - a joint-venture between PrimePort and the Port of Tauranga - saw the facility achieve a record throughput of 84,400 teu.
Volume through the Port of Tauranga-operated box facility has quadrupled over the past two years and PrimePort is predicting the strategic partnership will further enhance international links for its shippers in the future.
