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Port of Tauranga - Source: Supplied
Port of Tauranga made a record half year profit of $34.6 million, up 22% from the previous half year.
The port declared a 20% increase in interim dividend to 12 cents a share, fully imputed, from last year's 10 cents a share. The record date for the dividend is March 9, 2012, and will be paid on March 23, 2012.
Port of Tauranga shares rose 20c to $11 this morning on the profit result. The shares are up from $7.73 a year ago.
Port of Tauranga said it was well placed for the second half of the year.
In the half year, it secured six new shipping services, which was "tangible recognition of our reliability and productivity'' the port said.
Chairman John Parker said they expected to post a full year after-tax earnings result in the region of $69 million to $72 million.
For the December half year, total cargo volumes were up almost 10% while container volumes jumped more than 17% in the six months to the end of December.
Total revenues for the half year rose 14% to $105.7 million.
The improved revenues and profits reflected strong growth in core port operations, as well as a boost from associate companies subsidiaries.
Parker said staff and service providers responded quickly to demand growth due to the ongoing recognition of the port's "reliability, productivity and competitiveness" and also to the short-term increase in demand in the wake of the industrial dispute at Ports of Auckland.
Trade volumes across the port over the six month period increased 9.6% to 8,505,959 tonnes, of which 43% was containerised - up from 40% in the same period last year.
Container numbers increased 17.1% to 344,081 TEUs (twenty foot equivalent units) from the same period last year.
