10 Feb 2011

Record sales for freight group

12:55 pm on 10 February 2011

Transport group Mainfreight has posted record sales for the nine months to the end of December.

The freight forwarder increased sales by 20.1% to just over $1 billion, compared to the same period last year.

Earnings, before one-off items, jumped 27.1% to $34.6 million.

The strongest growth came from its overseas operations in Australia, Asia and the US.

Mainfreight managing director Don Braid says the result is down to a combination of improved demand and internal cost cutting.

He says recent storms and flooding in Australia only temporarily affected operations there and Mainfreight has already returned to profitability as the recovery and construction phase kicks in.

Mainfreight's New Zealand earnings improved by 13.8% to just under $4 million, on sales of $91 million.