THE highest freight volumes since 2008 have propelled TasPorts to a record net profit for the 2018/19 financial year.
The net profit of $12m was up from $5.8m in 2017/18.
According to the TasPorts annual report, the company moved more than 15.5m tonnes during the reporting period, a 3% rise compared with the previous financial year.
It is the fourth year in a row the company has reported a profit.
The result was said to have comprised a trading profit of $14.2m for TasPorts ($9m in 2017/18), a net loss of $2.1m for Bass Island Line ($3m loss) and a net loss of $103,000 for Southern Export Terminals ($235,000 loss).
Chairman Stephen Bradford said the board was optimistic profitable performance could be continued.
“The results allow TasPorts to continue our significant infrastructure remediation and renewal program while at the same time providing appropriate returns to the Tasmanian government,” Mr Bradford said.
During the reporting period these works included:
- Burnie – dredging to accommodate larger Bass Strait container and cargo vessels and work continued on assessing port configuration to improve logistics and supply chain
- Devonport –planning for TT-Line and SeaRoad’s new vessels that will extend berthing facilities for cargo, passengers and freight
- Hobart – engaging with the Macquarie Point Development Corporation, the Australian Antarctic Division and the City of Hobart on the development of a new Antarctic logistics facility at Macquarie Wharf No 6.
Mr Bradford said these works continued the rollout of TasPorts’ Port Master Plan.
“The board notes that TasPorts is responsible for the movement of 99% of Tasmania’s freight, so it is critical that the company invests in our infrastructure assets,” he said.
Mr Bradford also welcomed the appointment of Anthony Donald to the position of chief executive. The 2018-19 TasPorts annual report is available for download.