Port of Tauranga reports 27.4% profit increase

Port of Tauranga has reported a strong performance for the first half of the financial year, with a 27.4% increase in net profit after tax.

The port's group net profit reached $60.2 million, up from $47.2m in the same period last year.

Total trade volumes increased by 6.9% to 12.4 million tonnes, while container volumes rose by 10.2% to 591,934 twenty-foot equivalent units (TEUs).

The increase in trade volumes was attributed to the recovery of earnings and trade volumes after a challenging start to the previous financial year.

However, log exports decreased due to the high volume of wind-damaged logs in the prior year.

The port's strong trade and financial results were described as positive amid ongoing economic conditions.

The company has lifted its profit guidance range for the 2025 financial year, with underlying group earnings expected to be between $115m and $125m.