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New Zealand port joint venture announced

PRESS RELEASE

February 19, 2015: Port of Tauranga has announced the formation of a new logistics joint venture with freight and logistics management company Kotahi. Named Coda Group, the venture is designed to create leaner, more efficient pathways to and from distribution centres and key New Zealand ports.

It combines Kotahi's Dairy Transport Logistics with Port of Tauranga's subsidiary Tapper Transport, its container packing and unpacking facility MetroPack and its 37.5% shareholding in empty container repair and storage business, MetroBox.

In the six months to 31 December 2014, Port of Tauranga handled 426,512 TEUs (up 11.9% on the prior year), while total cargo volumes increased 1.2% to 10 million tonnes. Meanwhile, trans-shipped containers (those transferred from one ship to another) increased by 28.9% to 71,921 TEUs at the Tauranga Container Terminal.

Revenue for the half year was $136.3 million, largely unchanged from last year's $137.1 million, with growth in container volumes and dairy and meat exports for the most part off-setting the impact of a drop in log volumes.

Reported net profit for the half year rose 8.2% to $42.6 million from $39.3 million in the same period last year. Underlying profit, which excludes one-off items, fell slightly to $38.5 million from $39.3 million last year. During the period, Port of Tauranga made a $4.1 million gain relating largely to the sale of a 49.9% stake in Timaru Container Terminal to Kotahi.

Port of Tauranga Chairman, David Pilkington, said: "Port of Tauranga has delivered a strong result for the first half, despite the drop off in log volumes. The 2014 alliance we struck with Kotahi is already driving increased freight volumes through the port. We have also seen a strong increase in import volumes and we have new opportunities emerging on many fronts, particularly through our new South Island operations."

During the year, container numbers handled grew from 381,107 TEUs to 426,512 TEUs.

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