Port of Tauranga lifts 1H operating earnings on gain in bulk freight; guidance affirmed

Wed, 19 Feb 2014

By Suze Metherell Feb. 20 (BusinessDesk) – Port of Tauranga, New Zealand’s largest port operator, lifted first-half operating earnings by 11 percent as an increase in bulk freight made up for a drop in container volumes. The company affirmed its guidance for the full year. Operating earnings rose to $66.7 million in the six months ended Dec. 31, from about $60 million a year earlier. Revenue rose about 16 percent to $137 million, though operating expenses increased 20 percent to $70 million, largely on employee and maintenance costs. Underl...

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