Port of Tauranga reports 12.8% profit drop

Port of Tauranga has reported a 12.8% decrease in underlying group profit for the year ended June 30 2024.

The company's profit was $102.7 million, compared to $117.1m in the previous year.

This decrease was attributed to ongoing economic and supply chain challenges.

Total cargo volumes also saw a decline of 4.2% to 23.6 million tonnes, while container volumes decreased by 2.5% to 1,147,350 twenty-foot equivalent units (TEUs).

However, the port showed resilience in the second half of the financial year, with significantly higher volumes than the first half.

Port of Tauranga's chair, Julia Hoare, acknowledged the team's outstanding job in ensuring the port's efficiency.

The company remains confident in its resilience, citing operational strength, diverse cargoes, and multiple income streams.