27 May 2011

Growth in Asia expected by Mainfreight

7:07 am on 27 May 2011

Mainfreight is expecting aggressive growth from Asia this year, as its recent European acquisition further boosts trade to and from the region.

The company has posted a record underlying profit of $47.2 million in the year to the end of March, due to a recovery in world freight volumes. Revenue rose 18% to $1.3 billion.

Managing director Don Braid says the recent purchase of Wim Bosman, which is based in the Netherlands, the company's financial performance will continue to improve this year.

He says it has been a remarkable year for the firm's operations in Asia, where it opened three more branches and boosted sales by almost 30%.

Mainfreight's shares rose 18 cents to $9.44 on Thursday. They have climbed more than 18% so far this year.