Loss of Fonterra trade pummels port profits

Port Taranaki’s profits have taken a big hit after Fonterra shifted dairy exports out of New Plymouth leaving ratepayers facing higher bills, the Taranaki Daily News reported.

The port's half yearly report to December 31 shows a net profit after tax of just US$642,778 - way down on the $3,020,000 net profit from the same time in 2008.

The dip comes after Fonterra axed the port as an export port for thousands of container loads of dairy products and means dividends paid to owner the Taranaki Regional Council for 2010-11 will now not reach the projected level of $2.4 million.

(Source: Cargo News Asia)