Port of Tauranga has reported a 5.2% increase in Group Net Profit After Tax for the year ended June 2023, despite a decrease in cargo volumes in the second half of the year.
Total cargo volumes decreased by 3.6% to 24.7 million tonnes, and container volumes decreased by 5.1% to 1.18 million TEUs. The company's financial results were supported by an increase in container transhipment and the return of cruise ships in the first half of the year.
However, extreme weather events and a decrease in imported container volumes in the second half of the year impacted the company's performance.
Port of Tauranga is investing in critical infrastructure and expects new business opportunities from the opening of the Ruakura Inland Port in Hamilton.
The company is also seeking a resource consent to construct a new vessel berth to accommodate bigger container vessels.
Despite the current cargo slowdown, Port of Tauranga remains resilient due to its diversity of cargoes and long-term freight agreements with key customers.
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