26 Sep 2014

Record profit at Port Taranaki

10:17 am on 26 September 2014

Port Taranaki has made a record net profit of about $12 million for the year ended June, a 57 per cent increase over the previous period.

Port Taranaki.

Port Taranaki. Photo: PHOTO NZ

Chief executive Roy Weaver said the New Plymouth port had experienced one of its busiest ever years servicing offshore oil and gas exploration.

Transport of bulk liquids, largely methanol, also grew by 28 percent over the previous year and now accounts for 78 percent of trade through the port.

Mr Weaver predicts profits will drop slightly in the next year as offshore activity reduces.

The port will pay its sole shareholder, the Taranaki Regional Council, a dividend of $3.7 million, up 25 per cent on last year.