Port of Tauranga posts financial result for the year to 30 June 2014
Port of Tauranga, New Zealand's pre-eminent freight gateway , today reports an improved financial result for the year to 30 June 2014 , the company said in its press release.
Group EBITDa increased 5.5% to $142.5 million from $135.0 million as an increase in bulk cargo transported across the Company's wharves offset a temporary decline in container volumes. Total cargo volumes rose 3.5% to more than 19.7 million tonnes from 19.1 million tonnes a year earlier.
Reported Net Profit After Tax fell 30.2% to $78.3 million from $112.1 million a year earlier as the prior year included a $34.9 million one off gain from the sale of an associate company.
Port of Tauranga Chairman, David Pilkington, said, "The 2014 financial year represents a watershed for Port of Tauranga. During the year, we took a 50% stake in PrimePort Timaru and took control of its container terminal, began the development of a new freight hub in Christchurch and struck an alliance with freight management and logistics provider Kotahi, which will deliver up to 1.8 million export TEUs to the port over the next ten years.
"These strategic initiatives, combined with the significant investments we have made in prior years, have put in place a platform for long term growth and will deliver significant gains for importers and exporters across the country.
"Reflecting our confidence in the Port's prospects, and our certainty over forecast container volumes following the Kotahi alliance, the Board has today declared a final dividend of 29 cents per share, lifting the full-year, fully-imputed dividend to 50 cents per share, representing an 8.7% increase over the prior year's 46 cents per share," Mr Pilkington said.
