11 Aug 2011

Freight firm profits rise despite global financial turmoil

1:21 pm on 11 August 2011

The head of the listed transport group Mainfreight says the turmoil on the markets is having little impact on its international freight business and he expects trading to stay strong.

Mainfreight's profit doubled to $14.2 million in the three months to June compared with the same period a year ago, thanks to greater volumes being shifted around the world.

The firm has operations in Australasia, Asia, the US and a newly acquired division in Europe, Wim Bosman, which reported better returns.

Mainfreight managing director Don Braid says the volatility on the markets appears to be focussed on credit ratings and he would be surprised if affected freight volumes.

Mr Braid says the US sea transport business CaroTrans was the only disappointment, with poor export freight volumes contributing to an 11% drop in revenues .