Mainfreight says difficult trading conditions it encountered at the end of the last financial year have continued into the current year and will affect its profitability.
The cargo handling and freight group made a profit of $40 million in the year to the end of March, excluding a one-off charge, compared to $40.8 million last year.
Revenue rose 39% to a record $1.2 billion, due to the performance of recent acquisitions and growth in sales.
But managing director Don Braid says things took a turn for the worse in the end of the period, and expects the decline in volumes to continue for the immediate future.
Shares in Mainfreight closed down 31 cents or 6% at $4.59 on Thursday.