Port of Tauranga, New Zealand's biggest export port, has posted a record first-half profit as container volumes rose and it won business from strike-bound rival Ports of Auckland.
The shares have risen to an all-time high of $11.
Profit rose 22 percent to $34.6 million for the six months ended December 31, the company said.
Sales increased 14 percent to $105.7m.
Total trade volumes across the port gained 9.6 percent to 8.5 million tonnes in the first half, while container numbers increased 17 percent to 344,081.
The shares have soared 58 percent in the past two years as the port company cemented its place as the major departure point for bulk commodities including logs and dairy products and won an increasing share of the container trade by setting up an inland hub in south Auckland.
The port has benefited from the long industrial dispute between the Maritime Union of New Zealand and Ports of Auckland.
Shipping line Maersk and dairy exporter Fonterra Cooperative Group have shifted business to Tauranga.
Container traffic at the company's Auckland-based, MetroPort, rose 11 percent and this growth expected to continue as KiwiRail has increased its train capacity to Tauranga.
The port expects to post full year profit of between $69m and $72m. That would better last year's $58.4m.
The board declared an interim dividend of 12 cents per share, up from 10 cents a year earlier.
NZN