POT Improves Performance as Covid Disruption Continues

Port of Tauranga Limited (NZX:POT) today reported an increase in profits for the first six months of the 2022 financial year as it deals with ongoing cargo volume volatility.

Group Net Profit After Tax for the six months to December 2021 was $56.3 million, a 15.6% increase on the same period the previous year, as cargo volumes remained steady at 13.0 million tonnes and container numbers increased 1.5% in volume to 622,271 TEUs. Highlights and challenges included imports increasing 2.7%, exports decreasing 2.0%, log exports decreasing 6.1%, direct dairy exports increasing 2.3% and direct kiwifruit exports increasing 16.0%.

Operating revenue increased 16.7% to $186.0 million and an interim dividend of 6.5 cents per share, an 8.3% increase on the same period last year, was declared.

Port of Tauranga Chief Executive, Leonard Sampson, said the Company continued to grapple with the global supply chain disruption caused by Covid-19, while preparing for possible operational disruption should the Omicron outbreak spread in the Bay of Plenty.

The outlook for the second half of the year is uncertain, with earnings expected to be in the range of