Port of Tauranga Ltd., New Zealand's second-biggest port, increased full-year profit 22 percent after increasing the volume of cargo handled.
Net income rose to NZ$38 million ($27 million) in the 12 months ended June 30 from NZ$31 million a year earlier, the company said in a statement to the stock exchange. Full-year sales rose 15 percent to NZ$140.3 million.
In March, Port of Tauranga withdrew from merger talks with larger rival Ports of Auckland Ltd. because the two companies couldn't agree on terms. In November, A.P. Moeller Maersk AS, the world's largest container shipping line, chose Auckland as its New Zealand hub rather than Tauranga, casting doubt on the merger plan.
The issue of port rationalization will not go away,'' Chairman John Parker said. To have 10 ports vying to be export ports is an expensive extravagance.''
Port of Tauranga shares rose 27 cents, or 3.9 percent, to NZ$7.15 at 11:15 a.m. on the New Zealand stock exchange in Wellington. The stock has gained 19.5 percent this year, compared with a 1.6 percent rise in the nation's benchmark index.
Full-year cargo volumes rose 3 percent and container volumes increased 10 percent, the company said. Log exports increased 3 percent and the port handled more lumber and imported fertilizer. Dairy exports fell because of the Maersk decision to shift its hub, the port said.
The company raised its second-half dividend to 14 cents a share and declared a special dividend of 10 cents.
Net income rose to NZ$38 million ($27 million) in the 12 months ended June 30 from NZ$31 million a year earlier, the company said in a statement to the stock exchange. Full-year sales rose 15 percent to NZ$140.3 million.
In March, Port of Tauranga withdrew from merger talks with larger rival Ports of Auckland Ltd. because the two companies couldn't agree on terms. In November, A.P. Moeller Maersk AS, the world's largest container shipping line, chose Auckland as its New Zealand hub rather than Tauranga, casting doubt on the merger plan.
The issue of port rationalization will not go away,'' Chairman John Parker said. To have 10 ports vying to be export ports is an expensive extravagance.''
Port of Tauranga shares rose 27 cents, or 3.9 percent, to NZ$7.15 at 11:15 a.m. on the New Zealand stock exchange in Wellington. The stock has gained 19.5 percent this year, compared with a 1.6 percent rise in the nation's benchmark index.
Full-year cargo volumes rose 3 percent and container volumes increased 10 percent, the company said. Log exports increased 3 percent and the port handled more lumber and imported fertilizer. Dairy exports fell because of the Maersk decision to shift its hub, the port said.
The company raised its second-half dividend to 14 cents a share and declared a special dividend of 10 cents.