Mainfreight has managed to almost match the record profit it made last year, after experiencing three quarters of strong volume growth and one of decline.
The cargo handling and freight group made $40 million in the year to the end of March, excluding a one-off charge.
Last year it made $40.8 million.
Revenue increased 39% to a record $1.2 billion, partly due to contributions from recent acquisitions but also because of strong sales.
However Managing Director Don Braid says things took a turn for the worse in the fourth quarter and those conditions have continued into the new financial year.