Forestry exports boosts NZ Port results

Port of Tauranga expects annual earnings this year to meet analyst forecasts of between NZ$51m and NZ$53m, an increase on last year in part due to rising container trade. Exports through the port increased more than 8 percent last year to 9.19 million tonnes, dominated by a 19-percent rise in forestry exports to 6.04 million tonnes. Total trade last year was 13.7 million tonnes, up 2.4 percent.

During the first three months of the current financial year, the port saw a 10 percent increase in trade, a 25 percent increase in containers and net profit after tax up 10 percent, chief executive Mark Cairns said. The forecast for the year ending June 2011 compared with underlying earnings after tax for the last year of $49.4m, a 9.3 percent increase in turn on the previous year's record profit. Source: WoodWeek

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