Shares in Mainfreight rallied sharply after the Kiwi logistics company announced a big lift in revenue and profit for the first 43 weeks of its financial year.
By mid-morning the stock was up by $5.66 or 6.67 per cent at $90.51 after being under downward pressure since the start of the year.
In an update, Mainfreight said revenue for the period to December 31 was 45 per cent ahead of the same period a year earlier, and that its profit before tax was up 85 per cent over the same comparative periods.
Total revenue for the group came to $4.13 billion from $2.84b in the previous corresponding period while its profit before tax came to $372.02m from $200.7m.
By region, New Zealand revenue was up 34 per cent at $902m while Australia's was up 33 per cent at A$939.6m.
But the biggest area of improvement was the Americas, which posted an 86 per cent lift in revenue US$841m.
It was the same for profitability, with the Americas accounting for a 293 per cent increase in profit before tax to US$74.23m.
By product, revenue from Mainfreight's ocean and air operations were up 80 per cent while its before tax was up 208 per cent over the same comparative periods.
Revenue from warehousing was up 25 per cent while transport gained 19 per cent.
"These financial results are not a surprise, rather a continuation of the increasing freight volumes and trends seen in our first-half results," Mainfreight said in a statement.
"They are also a reflection of the improving financial performance across our Asia, Europe and Americas businesses," the company said.
International shipping and airfreight continued to be impacted by congestion, and with demand far exceeding supply, freight rates remained elevated.
Covid-19/Omicron restrictions had impacted service levels through absenteeism in Mainfreight's Australia, Europe and Americas operations.
The company said it was yet to see any impact in its New Zealand and Asia businesses but said China's border restrictions were tightening.
"We expect elevated freight volumes to continue as the calendar year progresses, with managing service levels on behalf of our customers a key priority," the company said, adding it was a "satisfactory" year-to-date result.
"Navigating constraints due to Omicron-enforced absenteeism remains a priority for us."
The company's results for the March 31 year will be released on May 26.