THE PORT of Tauranga has released its financial results for the first quarter of the 2024-25 financial year (FY25).
The north island port, New Zealand’s largest, reported increased cargo volumes for 1Q-25, according to the Port of Tauranga company.
In the three months to 30 September this year, total trade reportedly increased by 7.6% to 6.2 million tonnes in volume compared to the same period last year. Container volumes also increased by 17% to 292,860 TEU.
Port of Tauranga chief executive, Leonard Sampson, told the company’s annual meeting of shareholders today (25 October) that the company continued to demonstrate resilience through its diversity of cargo and income streams.
“After a sharp drop in cargo volumes this time last year, we’re pleased to see some recovery,” he said.
“We are cautiously optimistic that the second half of the financial year will see slow improvement in cargo volumes, after a particularly challenging 2024 financial year.
“However, global disruption, low international commodity prices and the nascent domestic economic recovery are expected to continue to impact the Port for many months to come.”
The port said import volumes reflected slightly stronger domestic consumption, increasing 6.8% in volume to 2 million tonnes for the quarter, while exports increased 8.1% in volume to 4.2 million tonnes.
Port of Tauranga said that based on the first quarter’s results, and notwithstanding any significant changes to market conditions, it expects a full year underlying Net Profit After Tax to be in the range of NZ$110 million to NZ$120 million.
“We remain confident in our ability to deliver sustainable financial results over the long-term due to our people, operational resilience, and diversity of both cargoes and income streams,” Mr Sampson said.
August saw the release of Port of Tauranga’s financial year 2023-24 results, which depicted modest figures due to a variety of challenges.
