Port of Tauranga in new Kotahi joint venture as first half sales fall

Wed, 18 Feb 2015

By Jonathan Underhill Feb. 19 (BusinessDesk) - Port of Tauranga posted an 8.2 percent gain in first-half profit as a gain on the sale of a stake in Timaru Container Terminal to logistics group Kotahi made up for weaker sales. It doesn't expect earnings to grow in the full year because of a downturn in forestry. Profit rose to $42.6 million in the six months ended Dec. 31, from $39 million a year earlier, the Tauranga-based company said in a statement. Sales fell to $136 million from $137 million. Sales were below brokerage Forsyth Barr's...

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