New Zealand's largest export hub Port of Tauranga has recorded annual earnings, with the underlying earnings increasing by 9.3% to $49.4 million for the 12 months ended June 30.

The Company claims that the increase has been in tune with the forecasts and also the combined effect of the increasing volumes and cost controls would further permit the Company to sustain the growth in profits in the course of 2011.

Pleased with the results, Chairman John Parker said, "We are confident that Port of Tauranga's strong financial position, with a balance sheet capacity to respond to market demands for further infrastructure development, will allow us to capitalize on all opportunities".

The increase is welcome by the Company as in the previous year, the net profit for the year dropped from $45.1 million to $38 million. The fall was due to the fact that the Company was compelled to write down $10.5 million as against the changes on tax rules on depreciation. Also, a whopping figure of $2.3 million was accounted for in relation to the reduction in the asset values.

However, this year earnings are attributed to the rise in the total trade of Port of Tauranga, which increased 2.4% to 13.7 million tons. Further, the exports of the Company also jumped to 9.2 million tones, witnessing an increase of 8%.

In tune with the increasing trend of the Company, the share of Port of Tauranga also jumped 0.3% to $6.75.