19 Aug 2010

Mainfreight cautious despite profit jump

1:34 pm on 19 August 2010

Mainfreight has more than doubled its profit in the first quarter of the year but remains cautious about the pickup in its New Zealand and Australian markets.

The freight mover made $6.8 million in the three months to the end of June, compared to $2.8 million in the same period the previous year.

Once one-off charges are stripped out, underlying profit rose almost 70%. Revenue rose by more than a fifth, to 315 million dollars.

Mainfreight managing director Don Braid says there has been a strong pickup in earnings at its Asian and US business, and while the New Zealand and Australian businesses are also improving, he remains cautious about their outlook.