TASMANIA'S government-owned port operator TasPorts has reported a lower FY25 profit after tax from higher revenue compared to the previous year, reflecting a sharp increase in expenses.
TasPorts’ after-tax profit of $11.9 million for the last financial year was down from the $18 million for FY24, despite an increase in revenue to $184 million, up from $181 million previously. Total expenses year on year grew from $154 million to $167 million.
The revenue increase occurred despite a sharp fall in bulk mineral exports (0.49 million tonnes, down 19%) and more modest falls in container trade (613,085 TEU, down 3%) and fuel imports (0.86 million tonnes, down 5%).
Only the year’s forestry exports of 3.5 million tonnes (up 8%) showed an increase from the previous year in TasPorts’ reported results highlights.
Outlining asset improvements at the multiple ports it operates around the island state and King and Flinders Islands, TasPorts referenced its “on time and under budget” completion of marine infrastructure works at the new Berth 3E at the Port of Devonport, the future mooring for the new but not yet operationalSpirit of Tasmania IV and V ferries.
The work forms part of a broader redevelopment of the Port of Devonport to support larger vessels and expanded terminal operations as part of its QuayLink Project involving TasPorts and its exclusive port customers, TT-Line and SeaRoad.
TasPorts’ capital investment in the program totals $241 million – the organisation’s largest single infrastructure investment to date.
But apparently referencing a recent mix-up where fenders were built to incorrect specifications requiring modifications to the vessels and a further cost blow-out, TasPorts commented: “This program has attracted significant public and political attention, highlighting the complexity of major infrastructure projects with multiple delivery partners.
“Throughout the year, TasPorts worked to coordinate delivery schedules, manage shared operational interfaces, and support service continuity at a critical trade and passenger gateway.
“The experience has reinforced to TasPorts the importance of clarity in scope, transparent stakeholder engagement, and effective coordination in delivering port infrastructure that supports Tasmania’s long-term economic needs. We remain committed to applying these lessons as we continue to invest in the state’s transport future.”