TasPorts Returned Full Year Profit Of $1.5 Million For 2015-16

TasPorts Returned Full Year Profit Of $1.5 Million For 2015-16

Tasmania Minister for Infrastructure Rene Hidding

TasPorts Continuing Strong Results

Victor P Taffa

Minister for Infrastructure Rene Hidding said that a combination of strong economic growth and the Hodgman Government’s strong economic management has seen a key state-owned company go back in the black.

“TasPorts returned a full year profit of $1.5 Million for 2015-16, and a shareholder dividend of $1.3 Million the first time it has delivered a profit since 2010.” Mr. Hidding said.

Revenue has increased to 9.4 % to $95 Million, with the profit being built on increase in freight volumes through Tasmanian ports of 7.7 %, largely driven by forestry exports, which increased by 24 %.

“Underpinning that growth was the Burnie Woodchip Export terminal, which was acquired in 2014 and is being used by TasPorts as a multi-user facility.”

Momentum shows no sign of slowing down, with volumes from the Burnie Woodchip Export Terminal from the first quarter of this financial year currently sitting at 105 % ahead of Budget.

“Additionally, log exports from Burnie Port are an incredible 150 % ahead of Budget.

Profitable, dividend-paying state-owned companies are an unqualified benefit to Tasmania and its people, and I congratulate the Board, management and employees of TasPorts for these strong results.” Mr. Hidding said.