TasPorts has exceeded its forecasts with a profit of $14.2 million as a result of increased vessel visits including the bounce-back of cruise ship visitation.
The annual result, which was the second highest on record for TasPorts, will see a dividend for the 2022-23 financial year of $11.5 million paid to the State Budget to support the services of the Tasmanian community.
While freight volumes remained steady, the return of cruise visits following the interruption of COVID-19 in the prior financial year helped the financial result.
Minister for Infrastructure and Transport, Michael Ferguson, said the annual result was also boosted by increased flights and passengers into Devonport Airport and the renegotiation of uneconomic legacy lease agreements.
“A total of 2,626 vessels visited TasPorts’ ports across Tasmania in the financial year, up from 2,550 in the prior year. This included 125 cruise vessel visits,” he said.
“At the Devonport Airport, flight numbers more than doubled from 1,622 flights to 3,796 in the financial year and a nearly three-fold increase in passengers from 46,500 to 120,000.
“The strong financial performance of TasPorts in recent years has enabled the company to invest more than $20 million in renewal of existing port infrastructure across the State and a further $41.9 million in new infrastructure.”
TasPorts’ results included the performance of its subsidiary, Bass Island Line, which reported a greatly improved efficiency and usage. A total of 5,590 TEUs were carried between the ports of Grassy on King Island and Devonport, an increase of 1,449 from the prior year.
The underlying net result for Bass Island Line was a loss of $1.4 million, the best result of the subsidiary company since it was incorporated.
