18 Feb 2010

Profit down at Mainfreight

11:34 am on 18 February 2010

Mainfreight says its profit is down almost 8% in the first nine months of this financial year, compared to last year.

But it is encouraged by a marked improvement in third quarter trading.

The listed supply chain and logistics company made an after-tax profit of $27.3 million, after total revenues fell 15% on the same period a year ago to $842.3 million.

Mainfreight says trading in all its Australian operations were satisfactory and ahead of last year.

However, trading in New Zealand has been mixed, with domestic freight earnings flat at $28.6 million. International air freight earnings were up 22% to $3.4 million.

Trading remained difficult in the United States, with its subsidiary there posting a loss of more than $3 million, after sales declined by nearly a third.

Mainfreight in Asia posted flat earnings of $1.5 million.