Port of Tauranga is signalling another record profit but is frustrated at a new Maori court challenge to block plans to deepen its shipping channel for larger vessels.
A 19 per cent rise in net profit after tax in the first quarter has given the company the confidence to predict an annual profit between $75 million and $79m at its annual meeting on Thursday.
The port posted a record $73.5m profit last year, up 26 per cent on the previous year, which was also a record.
Port of Tauranga notched up a 32 per cent increase in container volumes in the first quarter from a year-ago with the help of seven new shipping services it did not handle a year ago.
"Congestion at the container terminal during the period of Auckland industrial action did cause crane productivity to fall to 31 moves per hour. But we have managed to restore this to more than 35 moves per hour again over the last two months," chief executive Mark Cairns said.
Frustrations with the Resource Management Act (RMA) and opposition to the dredging of its shipping channel remain an issue.
Mr Cairns said the company was relieved that the High Court dismissed Ngati Ruahine's appeal against dredging but it received notice last week that Ngati Ruahine are going to the Court of Appeal.
Ngati Ruahine is a hapu of Ngati Ranginui iwi, one of 24 hapu that make up the Tauranga Moana Collective.
"Needless to say, we will be vigorously challenging the legitimacy of this appeal," Cairns said. "We hope the appeal to the Court of Appeal can be resolved quickly."
The port wants to start the first stage of dredging towards the end of next year.
Mr Cairns said ports should be considered "matters of national importance" under the RMA.
NZN
