NZ's Port of Tauranga year profit rises to record
New Zealand's Port of Tauranga Ltd posted a record full year profit up 26 percent on a year ago on improved cargo volumes and said it was seeing signs of further growth, Reuters reports.
The company reported a net profit of NZ$73.5 million ($59.3 million) for the 12 months to June 30 compared with NZ$58.4 million the year before.
That compared with the company's own guidance given in February of between NZ$69 million and NZ$72 million.
The company, which is the country's biggest export port, said total cargo volumes rose 20 percent, with container traffic up 35 percent.
The port benefited from an industrial dispute at the rival Ports of Auckland, which resulted in cargo being diverted to Tauranga.
It gave no guidance for the coming year but said cargo volumes at the start of the new trading year were higher than the same time last year.
The Port of Tauranga said it would pay a dividend of 27 cents, compared with 11 cents a year ago.
Shares in the company, which is 55 percent owned by a local council, last traded at NZ$12.25. So far this year the stock has climbed around 18 percent, compared with a 10 percent rise for the benchmark NZX-50 index. ($1=NZ$1.24).