26 May 2016

Mainfreight profit up - a 'satisfactory' result

10:55 am on 26 May 2016

Transport firm Mainfreight has reported a record full-year profit and sales, but says it was no more than a satisfactory result.

The company's net profit rose 6 percent to $87.6 million in the 12 months ending in March compared to $82.4m the previous year, which included the impact of $500,000 in one-time costs associated with job redundancies in its European and North American operations.

Sales rose 11 percent to $2.28 billion, while underlying profit rose 8 percent to a record $174.9 million.

Mainfreight group managing director of global logisitics and transport company Don Braid.

Don Braid Photo: Supplied

Mainfreight managing director Don Braid said if the company had controlled its outgoings better, the bottom line would have been stronger.

"This past year's financial performance, viewed in its entirety, can be described as satisfactory. Had we managed overhead costs better in the first six months of the financial year, we would be better placed than this result portrays," he said.

"The disappointing performances in our Australian and USA domestic operations, and the less than adequate performance of our CaroTrans business, blunted the potential of the result."

However, Mr Braid said the momentum over the second half of the year has carried through into the current financial year, and he was confident the improved revenue and margins would continue.

Mainfreight will pay a final dividend of 23 cents per share, with the full dividend for the year up 9 percent to 37 cents over the year earlier.

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