Total trade and containers were both up 8% across its wharves. Cargo was up 900,000 tonnes to 11million tonnes, while TEU (twenty foot equivalent units) handled hit 510,074, for its first-half trading to December.
Sales revenue rose from $121.9million a year ago to $125.3million, earnings before interest and tax were up from $52.5million to $56.2million and reported after-tax profit rose from $38.6million to $41.9million.
POT chairman David Pilkington said the port was on track to handle more than 1million containers for the full year, which would be a record for a New Zealand port. Shipping giant Hamburg Sud will start a new service next month.
"Exporters, importers and the shipping lines are increasingly recognising the benefits of our deep-water port and our efficient freight handling and stevedoring operations," he said.
POT’s achievements were the direct result of the five-year, $350million infrastructure investment programme, which was now complete.
Craigs Investment Partners broker Peter McIntyre said POT had given earlier financial guidance of after-tax profit in a range of $79million to $83million for its full year.
"Now expect it to be at the upper end of guidance," he said.
Driving the 9% export gain, POT’s log volumes had rebounded following a long period of decline, up by 500,000 tonnes or 21%, which had been driven by a return of Chinese demand.
However, Mr McIntyre said export growth had been more modest, up 2.2%, year-on-year, led by agricultural products.
Forsyth Barr broker Damian Foster said the half-year result was "marginally stronger" than anticipated.
He said the increase in container throughput had been driven principally by MetroPort’s contribution, which was up 21%. MetroPort’s container handling rose from about 117,000 TEUs last year to 141,500.
POT chief executive Mark Cairns said ship visits during the half year rose 4%, from 741 to 774, which included the Aotea Maersk, its 9500 TEU capacity making it the largest container ship visiting New Zealand waters. Tauranga would be the only New Zealand stopover for the forthcoming peak season, weekly service by Hamburg Sud, he said.
"With bigger ships calling at Tauranga, we are handling significantly larger volumes of cargo per shipment," Mr Cairns said.
During the half-year POT spent $43.9million on storage and productivity, including paying off two newly commissioned gantry cranes, 13 new container straddle carriers and several property developments at the port.
POT expects its full-year result to be "at the upper end" of earlier guidance of after-tax profit in the range of $79million to $83million.
● Port Otago is due to deliver its half-year report to owner the Otago Regional Council in March.
