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Mainfreight's business looking good - half year profits up 9.5pc

Freight and logistics company Mainfreight posted a 9.5 per cent increase in half year net profit before non-recurring items of $17.2 million.

The company said today the lift from $15.7m a year earlier came as sales revenues improved in all its businesses, in all countries.

Consolidated sales revenues for the six months to the end of September were $625m, 63 per cent ahead of a year earlier, while excluding foreign exchange adjustments, the increase was 59.4 per cent.

The upturn seen in operations in the United States reflected the contribution of the newly acquired business of Mainfreight USA, and the ongoing improvements being achieved by CaroTrans, the company said.

An interim dividend of 8.5 cents per share is to be paid, compared to 8cps a year earlier.

Net profit was down 77.9 per cent to $17.1m from $77.2m, with the earlier figure including the $62.9m gain on the sale of discontinued operations.

Mainfreight shares closed at a year-low of $4.32 yesterday, down from the year-high of $7.45 in June.

- NZPA

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