The country's biggest port, Tauranga, has reported a record underlying profit despite a slight fall in cargo volumes and struggles with insufficient capacity to handle ships and cargo.Key numbers for the 12 months ended June compared with a year ago:Net profit $156.1m vs $173.4m (included asset sale)Underlying profit $155.3m vs $126mRevenue $486.5m vs $464.7mCargo (tonnes): 24.6m vs 25.3mFY27 forecast underlying profit $160-175mFull year dividend 20.5 cents per shareCompany chairperson Julia Hoare said the result reflected the strength of the business in the face of difficult economic conditions."Reported profit includes the one-off positive impact from repositioning two properties for sale. The prior year reported profit included a $49.2 million one-off gain from the creation of the Northport Group."Cargo volumes were down 3 percent overall with a slight lift in container volumes offset by lower exports of timber because of the Middle East disruption, and lower imports of coal for Genesis Energy as electricity generation stabilised.The port also improved productivity with more cargo being handled more quickly off the ships and on the ground.Hoare said the port was waiting for final confirmation of the fast-track panel's draft decision on the Stella Passage development, which will convert existing cargo storage land into berths on both sides of the harbour."This is critical, national infrastructure that will pave the way for the next stage of growth at the port, and for all of its cargo customers."The company has long complained that the eight-year consenting process, which still has unsettled issues with local hapū, has cost the country hundreds of millions of dollars in lost business.The port expected improving economic growth and its diverse cargo base to lead to improved earnings in the coming year despite its capacity issues."Ongoing conflict in the Middle East is expected to continue affecting fuel prices in the near term, adding pressure to diesel-reliant export industries such as forestry. Other geopolitical disruption and trade tariff volatility continue to create economic uncertainty."The company increased its dividend and forecast an improved underlying profit of between $160 million to $175m.