Port of Tauranga Ltd

POT: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 8.40	Wlxlw	Cxgskkvj

No Change to Fair Value Estimate for Port of Tauranga Despite Near-Term Earnings Headwinds

Feb 20, 2015

Port of Tauranga or POT's underlying net profit after tax or NPAT was down 2% for the first half fiscal 2015 to NZD 38.5 million. This was in line with our expectations as stronger container volumes were offset by a reduction in log exports through the port. Consequently, total trade through the port at 10 million tons during the half was flat versus prior year. Associate companies also reported flat results with the rise in Northport's and Port Timaru's NPAT being offset by lower earnings from Quality Marshalling.

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