PORT Taranaki reported an increase in net profit after tax of 40% to NZ$13.87 million for the 2022-23 financial year.

The port said its NPAT for the year was a record result.

Also, Taranaki’s revenue increased 12% to NZ$57.43 million. The port said this was driven by several extraordinary items and increased vessel visits, improved bulk liquid trade, increased offshore activity and an increase in log revenue.

The increased vessel visits – nine higher than last year at 293 – were the result of new coastal shipping services. Smaller coastal vessels began calling regularly at the port.

The increased vessel visits were also driven by the closure of a local oil refinery, necessitating increased imports of refined products to the area.

Bulk liquid trade through Taranaki increased by 101,000 tonnes to 2.82 million tonnes this past financial year.