Port of Tauranga Lifts Guidance Following Strong 1H; FVE Increased to NZD 3.80
Wide-moat Port of Tauranga's first-half fiscal 2018 revenue and net profit rose 13% to NZD 141 million and NZD 47 million, respectively. Imports increased 21% and exports grew 9%, resulting in total trade increasing 13% to 12.5 million tonnes. Following the good result, guidance was lifted 4% to NZD 92 to 96 million. We increase our fiscal 2018 forecast marginally to NZD 94 million, representing growth of 13% from fiscal 2017. We assume good momentum to continue and lift medium-term earnings for...Port of Tauranga and its subsdiaries operate in four segments: Port Operations, which provides and manages port services, and cargo handling facilities through the Port of Tauranga, MetroPort and the Timaru Container Terminal; Property Services, which consists of managing and maintaining Co.'s property assets; Marshalling Services, which consists of the contracted terminal operations, stevedoring, marshalling and scaling activities of Co.'s subsidiary, Quality Marshalling (Mount Maunganui) Limited; as well as Transport Services, which consists of the road transport and freight handling activities, of Co.'s subsidiaries, Tapper Transport Limited, Tapper SIP Limited and MetroPack Limited.
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