Port of Tauranga cargo, profit rises in first half

Port of Tauranga cargo, profit rises in first half New Zealand’s Port of Tauranga Wednesday reported net profit in the first half 2007 of NZ$38 million ($30 million), up 22.4 percent year-on-year, on a revenue gain of 14.6 percent to NZ$140.3 million ($109 million).
   After six months the port handled 647 million tons of cargo, up 3 percent, with container volume up 10 percent to 466,235 TEUs.
   “This is particularly pleasing given our half-year uncertainty with Maersk’s decision to concentrate its North Island hub on Auckland,” said John Parker, Port of Tauranga chairman.
   Parker added that Tauranga incurred third-party costs of NZ$1.2 million ($1 million) from its failed merger talks with Ports of Auckland.
   “It was clear to both the Port of Tauranga and the Ports of Auckland that a merger would provide substantial financial gains, largely in efficiencies, and these gains would have been shared with customers and shareholders,” Parker said. “There would also be considerable benefits to New Zealand. Naturally we are disappointed that for undisclosed reasons Auckland Regional Holdings have chosen not to proceed.”