Port of Taranaki profit jumps 57% as oil drives record sales 26 Sep 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Minister launches SmartGate in Wellington Travel
- Prime Minister to travel to South Africa News
- Brownlee Leads Aviation Mission To Shanghai News
- Trams to make a comeback on Auckland’s streets News
- New Zealand-Russia begin FTA scoping discussions News
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
Port of Taranaki profit jumps 57% after record revenue on offshore oil and gas exploration
By Suze Metherell
Sept. 26 (BusinessDesk) - Port of Taranaki lifted annual profit 57 percent after it reported record revenue servicing the offshore oil and gas exploration industry.
Profit rose to $11.7 million in the 12 months ended June 30, from $7.5 million a year earlier, the New Plymouth-based port said in its annual report. Sales rose 23 percent to $55.2 million, the highest ever for the ocean hub. It boosted its dividend 25 percent to $3.7 million, payable to its only shareholder, the Taranaki Regional Council.
The port benefited from being the closest port to Maui and Kupe gasfields and the three offshore rigs in the Taranaki basin, and as Texan oil company Anadarko occupied part of the port while it looked for oil in the Southern basin. One fifth of the port's revenue came from proving a supply base to the offshore operations, chief executive Roy Weaver said.
New Zealand's ports have been undergoing greater alignment in recent months, with Port of Tauranga ramping up its relationship with the Kotahi freight management partnership in a bid to attract larger ships to the hub, while Ports of Auckland have joined up with Port of Napier to create an inland hub in Palmerston North. At the same time, Lyttelton Port Co is set to be de-listed from the stock market after the Christchurch City Council's investment arm succeeded in a takeover bid.
New Plymouth's port today said bulk liquids, which includes methanol, crude oil and condensate and LPG and accounts for 78 percent of total trade through the port, grew by 23 percent in the year to 4.3 million freight tonnes. Dry bulk increased 20 percent to 600,000 freight tonnes. Log volumes were static in the year.
The port expected the decline in China's demand for logs, New Zealand's third largest export, to be felt on the wharves in the coming year, while the wind down of the gasfields would further weigh on future profit, its said, without being more specific.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more