Port of Tauranga signals strong earnings despite Q1 freight decline

Fri, 25 Oct 2019

Port of Tauranga is forecasting a full-year profit of up to $101 million despite slightly weaker cargo volumes in the September quarter and a 6 percent decline in earnings. The country’s largest port will likely report full-year earnings of $96 million to $101 million, chief executive Mark Cairns told the firm’s annual meeting in Tauranga. The firm reported a record net profit of $100.6 million in the year ended June 30. That was up 6.7 percent on the back of a 10 percent increase in cargo to 26.9 million tonnes. Cairns noted today’s earn...

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