Listed courier company Freightways made a profit of $14.5 million in the six months to the end of December, a decrease of 14% on the same period a year ago.
Sales declined 7% to $165 million. The company says sales from existing customers fell 5%, particularly from the retail sector.
Managing director Dean Bracewell says its been a tough period, but there are signs that things are gradually improving, and he expects to see a return to positive growth by the end of the year.
The company's normalised profit, which takes out the extra five days trading last year, fell 8%.
Meanwhile, the total dividend payout rose to $10.8 million, but shareholders will receive less per share, because of the effect of recent new share issues. Investors will get 7 cents a share, a decrease of 1 cent on the same period a year ago.
Separately, Freightways says it has asked the Commerce Commission to investigate New Zealand Post after it reduced the access fee, earned by its subsidiary DX Mail, by half last year. Mr Bracewell says this is an attempt by New Zealand Post to thwart competition.
Shares in Freightways, which owns New Zealand Couriers and PostHaste, was down 14c to $3.07 just after midday on Monday.
