The Tasmanian Ports Corporation (TasPorts) has delivered a record consolidated net profit of $12 million, up from $5.8 million in 2017/18.
The record performance was thanks to the highest freight volumes moved through the ports since 2008. The company moved more than 15.5 million tonnes during the reporting period, a three per cent increase compared to the previous financial year.
It is the fourth consecutive year the company has reported a profit.
The result comprises a trading profit of $14.2 million for TasPorts ($9 million in 2017/18), a net loss of $2.1 million for Bass Island Line ($3 million loss) and a net loss of $103,000 for Southern Export Terminals ($235,000 loss).
Chairman Stephen Bradford said the Board was optimistic that the company’s profitable performance could be continued into the future.
“The results allow TasPorts to continue our significant infrastructure remediation and renewal program while at the same time providing appropriate returns to the Tasmanian Government,” he said.
During the reporting period these works included:
- Burnie – dredging to accommodate larger Bass Strait container and cargo vessels and work continued on assessing port configuration to improve logistics and supply chain through the port.
- Devonport –planning for TT-Line Company Pty Ltd’s and SeaRoad’s new vessels that will extend berthing facilities for cargo, passengers and freight.
- Hobart –engaging with the Macquarie Point Development Corporation, the Australian Antarctic Division and the City of Hobart on the development of a new Antarctic logistics facility at Macquarie Wharf No 6.
Mr Bradford said these works continued the rollout of TasPorts’ Port Master Plan, approved towards the end of last financial year, to guide development for the next 15-years.
“The Board notes that TasPorts is responsible for the movement of 99 per cent of Tasmania’s freight, so it is critical that the company invests in our infrastructure assets,” he said.
Mr Bradford also welcomed the appointment of Anthony Donald to the CEO position.