Port of Tauranga completes major five year expansion programme
Port of Tauranga completes major five year expansion programme, the company said in its press release.
Parent EBITDA for the year to 30 June 2016 rose 2.2% to $125.7 million from $123 million in the prior year as container traffic rose 12.1% to a record of more than 954,000 TEUs - up from 851,000 TEUs in the prior year.
These gains were offset by a decline in bulk cargoes reflecting continuing challenges in New Zealand's forestry and agricultural sectors. Notably, log exports fell more than one million tonnes with declines also in imported stock feed and fertiliser.
Reported revenues fell to $245.5 million from $268.5 million, due to a $32 million decrease in revenue as a result of having to equity account Tapper Transport as an associate company within our Coda partnership.
Net Profit After Tax fell 2.4% to $77.3 million as the Company's largely completed $350 million five year investment programme resulted in higher depreciation charges, which are up $2.7 million in the current year alone.
