PORT of Tauranga has recorded a 4.8% drop in total throughput in the three months to 30 September, mainly due to a drop in log exports as the forestry industry is impacted by high fuel prices.
However, the port is leaving its full-year expectations unchanged, projecting underlying group net profit after tax to be in the range of NZ$160 million to $175 million.
Total trade for Q1 2027 reached 6.25 million tonnes, while container volumes were 311,000 TEU, down 2.6%.
Port of Tauranga chief executive Leonard Sampson told the company’s annual meeting of shareholders this week that the port continued to operate in uncertain trading conditions and remained constrained by a lack of spare berth capacity at the container terminal.
"Despite the lower overall trade volumes, we remain confident in Port of Tauranga’s future prospects, supported by our operational strength, quality infrastructure, diverse revenue streams, strong customer relationships and clear strategy," he said.
Based on first-quarter cargo volumes, and notwithstanding any significant changes to trading conditions or events beyond the company’s control, Port of Tauranga expects to meet full-year expectations, he said.
Meanwhile, Port of Tauranga has completed the sale of its property at Rolleston, southwest of Christchurch, for NZ$57 million.
The sale forms part of the port’s capital recycling program, which seeks to unlock value from non-core property assets and reinvest capital into strategic infrastructure projects that support Tauranga’s long-term growth.
Mr Sampson said the port was pleased to have reached an agreement with a purchaser who would maximise the potential of the property.
"Our review of our extensive property portfolio identified two sites suitable for divestment as part of our ongoing focus on improving capital efficiency," said Mr Sampson.
"We sold our Gateside Auckland site earlier this year and are pleased to successfully complete the Rolleston sale too."
The 15-hectare industrially zoned site has an intermodal freight hub, a 650-metre rail spur, an 18,000 sqm high-stud warehouse built in 2019 and seven hectares of undeveloped land.