February 28, 2020 / 1:11 AM / in a month

BRIEF-Port Of Tauranga HY Group Net Profit After Tax Down 1.4%

Feb 28 (Reuters) - Port of Tauranga Ltd:

* HY GROUP NET PROFIT AFTER TAX NZ$48.3 MILLION, 1.4% DOWN

* FULL IMPACT ON TRADE FROM CORONAVIRUS OUTBREAK IS YET TO BE DETERMINED

* ANNOUNCES INTERIM DIVIDEND OF 6 CENTS PER SHARE

* LOG INVENTORIES IN CHINA HAVE SURGED DUE TO EXTENDED CHINESE NEW YEAR SHUTDOWN

* LOG EXPORTS HIT HARDEST FROM CORONAVIRUS AS VOLUMES ALREADY IMPACTED BY LOWER INTERNATIONAL PRICES & DEMAND SINCE MIDDLE OF 2019

* REDUCING FULL YEAR PROFIT GUIDANCE FROM $96 - $101 MILLION TO $94 - $99 MILLION

* THERE HAVE BEEN LOG SHIPPING CANCELLATIONS AND DELAYS; EXPECT THIS TO CONTINUE INTO MARCH

* TRADE OUTLOOK FOR H2 2020 REMAINS UNCERTAIN AND DEPENDENT ON DURATION OF MARKET SHUTDOWN IN CHINA

* ALL FIGURES IN NZ$ Source text for Eikon: Further company coverage:

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