Mainfreight says it's been a year of two halves following a modest increase in its annual profit.
The listed freight moving company made $36.6 million in the year to March, an increase of 2.5% on the previous year, including $2 million in staff bonuses.
Sales fell 11% to $1.1 billion as the global recession saw freight volumes plummet across all its main markets in the first half of the year.
Managing director Don Braid says the gradual recovery in the second half and cost cutting initiatives, helped offset that. But he warns the global recovery is fragile.
Mainfreight declared a dividend payout of 10 cents per share.