By Phil Boeyen, ShareChat Business News Editor
Wednesday 16th August 2000
|Text too small?|
The transport company recorded a net surplus of $99,000 for the June quarter compared with $1.345 million in the same period last year.
Despite the drop Mainfreight says the profit is satisfactory and is in line with expectations.
It says the net surplus was considerably down on last year due to restructuring costs after tax of $460,000 incurred with the purchase of K & S Express in Australia. Other costs associated with the acquisition include increased goodwill amortisation of $202,000 and $220,000 in interest costs.
Mainfreight also had to shoulder a share in the loss of its US-based Carotrans associate, which cost it $522,000.
The company says that overall the result was achieved on consolidated revenue of $96.3million, up from $70.7million last year. Directors say they are confident that core businesses, excluding restructuring costs, will exceed last year's result, but the final outcome will be decided on the timing of the turn-around of K & S Express.
No comments yet
Mainfreight gets 8.2M euros to settle claim with former Wim Bosman owners
Mainfreight earnings lag last year's, Australian unit struggles as parcel business weighs
Mainfreight flags plans for claim against former Wim Bosman owner
Mainfreight’s Braid 'impatient' on fix for Europe after region's underperformance dents earnings
Mainfreight earnings growth stalls as European struggle offsets record sales
Mainfreight warns of softer second half, flat earnings
Mainfreight's Braid says KiwiRail ferry strike ‘disruptive’ in peak week
Mainfreight's first half profit drop by 4.6 percent; dividend unchanged
Mainfreight 1Q profit falls 15% as Europe dents global sales