Port of Tauranga is expecting an offer for its container terminal from Ports of Auckland.
Chairman John Parker told shareholders at the annual meeting today that on August 28 Ports of Auckland said publicly it intended to make an offer for Port of Tauranga's container terminal.
"We did receive advice of this by letter immediately prior to the announcement, but no discussion had, or indeed has, taken place on the subject," he said.
"Some two months have passed with no offer received, but we are advised that it is coming," he said.
Mr Parker said the port was well placed in the current difficult global economic environment because it had a strong balance sheet and "darn good team".
"We see no current reason to alter our prediction of a financial result exceeding last year's," Mr Parker said.
The port's Sulphur Point container terminal was seen as a white elephant when it was first built but the port attracted container ships by developing a rail connection to an "inland port" in Auckland.
The container terminal celebrated its 10th anniversary this year. Port of Tauranga said there was considerable further capacity on the rail line to Auckland with three passing loop extensions being constructed on the line and new wagons being purchased.
A fifth gantry crane is expected to be in operation by July 2009 at the port.
In the first quarter of this year net profit rose 20 percent on the same period last year.
"While it is pleasing to have started this year with a strong first quarter's trading it would be foolish to simply extrapolate this position to year-end," said chief executive Mark Cairns.
All resolutions at the meeting were passed.
John Cronin and David Pilkington were re-elected at the meeting and shareholders also passed a resolution to increase total remuneration payable to directors from $380,000 per year to $420,000 per year. Shareholders last approved an increase in 2006.
Increases in director's fees have been controversial in the current difficult economic environment and some companies have pulled plans for fee increases while others have pushed on with them.
Chairman John Parker told shareholders at the annual meeting today that on August 28 Ports of Auckland said publicly it intended to make an offer for Port of Tauranga's container terminal.
"We did receive advice of this by letter immediately prior to the announcement, but no discussion had, or indeed has, taken place on the subject," he said.
"Some two months have passed with no offer received, but we are advised that it is coming," he said.
Mr Parker said the port was well placed in the current difficult global economic environment because it had a strong balance sheet and "darn good team".
"We see no current reason to alter our prediction of a financial result exceeding last year's," Mr Parker said.
The port's Sulphur Point container terminal was seen as a white elephant when it was first built but the port attracted container ships by developing a rail connection to an "inland port" in Auckland.
The container terminal celebrated its 10th anniversary this year. Port of Tauranga said there was considerable further capacity on the rail line to Auckland with three passing loop extensions being constructed on the line and new wagons being purchased.
A fifth gantry crane is expected to be in operation by July 2009 at the port.
In the first quarter of this year net profit rose 20 percent on the same period last year.
"While it is pleasing to have started this year with a strong first quarter's trading it would be foolish to simply extrapolate this position to year-end," said chief executive Mark Cairns.
All resolutions at the meeting were passed.
John Cronin and David Pilkington were re-elected at the meeting and shareholders also passed a resolution to increase total remuneration payable to directors from $380,000 per year to $420,000 per year. Shareholders last approved an increase in 2006.
Increases in director's fees have been controversial in the current difficult economic environment and some companies have pulled plans for fee increases while others have pushed on with them.