NZ Tauranga port reports 10% rise in H1 profit
Port of Tauranga Ltd, New Zealand's biggest export port, said that first-half profit rose 10 per cent amid an increase in volumes of logs, timber and meat.
Net income was NZ$22.5 million (S$17.6 million) in the six months ended Dec 31 from NZ$21.5 million a year earlier, the company said in a statement sent to the stock exchange. Sales rose 2.2 per cent to NZ$73.8 million.
Port of Tauranga is cutting costs amid expectations that a global recession will curb demand for exports, slowing traffic through the port. The company expects full-year earnings will be similar to last year's NZ$42.1 million.
'2009 will be a challenging year,' chairman John Parker said. 'We don't know the extent of the challenges but will ensure we are well prepared for them. We have implemented costs reductions across the board.'
Cargo shipped through the port rose 6 per cent to 6.94 million tonnes led by increased volumes of logs, lumber, coal and meat, the company said. Container volumes rose 6 per cent.
Net income was NZ$22.5 million (S$17.6 million) in the six months ended Dec 31 from NZ$21.5 million a year earlier, the company said in a statement sent to the stock exchange. Sales rose 2.2 per cent to NZ$73.8 million.
Port of Tauranga is cutting costs amid expectations that a global recession will curb demand for exports, slowing traffic through the port. The company expects full-year earnings will be similar to last year's NZ$42.1 million.
'2009 will be a challenging year,' chairman John Parker said. 'We don't know the extent of the challenges but will ensure we are well prepared for them. We have implemented costs reductions across the board.'
Cargo shipped through the port rose 6 per cent to 6.94 million tonnes led by increased volumes of logs, lumber, coal and meat, the company said. Container volumes rose 6 per cent.