26 May 2011

Mainfreight reports profit rise

2:02 pm on 26 May 2011

Mainfreight says a recovery in world freight volumes has helped its underlying profit to climb by almost a quarter.

The listed transport and logistics firm made $25.7 million in the year to the end of March, compared to $36.4 million a year earlier.

Once one-off charges and tax adjustments are stripped out, underlying profit rose 23% to $47.2 million.

Revenue rose 18% to $1.3 billion.

Mainfreight managing director Don Braid says revenue has grown in all parts of the business and profit is up in all divisions other than the international business in Australia.

Mr Braid says the recent purchase of the Netherlands-based transport firm, Wim Bosman, adds to confidence that the company's financial performance will continue to improve this year.

It has declared a final dividend of 20 cents a share, up from 18½ cents last year.