PORT of Tauranga in New Zealand has reported “flat” earnings in the first quarter of the financial year, with the COVID-19 pandemic impacting both supply chain efficiency and the global economy.
From 1 July 2020 to 30 September 2020, the port handled nearly 6.4m tonnes of cargo, a 5% fall on the same period last year.
Containerised cargo fell 8% to 287,670TEU.
Imports were the same as the first quarter last year, and exports were down 8%.
Log exports are performing in line with forecasts of 6.2m tonnes for the full year.
Dairy product exports decreased about 12% compared with the same period last year, which we believe is due to seasonal variations. Kiwifruit exports increased 9% for the quarter.
Port of Tauranga chief executive, Mark Cairns, told the company’s annual meeting the unaudited group net profit after tax for the first quarter was NZ$21.5m, compared with $21.7m in the previous corresponding period.
“Based on the first quarter’s performance, and notwithstanding any significant market changes, we expect full year earnings to be between $86 million and $93 million,” he said.
Mr Cairns said Port of Tauranga was still planning for long-term cargo growth.
“Port of Tauranga is a long-run infrastructure company and we will continue to pursue capacity expansion and greater efficiencies, to avoid the bottlenecks and congestion currently being experienced in the Upper North Island supply chain,” he said.
