Port of Tauranga has announced that changes to tax legislation will result in a $12.9 million impact on the group's net profit after tax for the year ending June 30 2024.
This is due to a law change for depreciation on commercial buildings, which will require the company to recognise a one-off deferred tax expense.
However, Port of Tauranga's chief executive, Leonard Sampson, assured that this accounting adjustment will not affect cash flows, and the company still expects to deliver a normalised operating profit in line with previous guidance.
The annual results for the 2024 financial year will be announced on August 23 2024.
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