Mainfreight profit before abnormals record $47.2m

NZPA

Thursday 26th May 2011

Mainfreight lifted full year net profit before abnormals to a record $47.2 million, with improved performances from all divisions across all countries.

"Recovery in world freight volumes across most trade-lanes assisted this improvement, together with Mainfreight's ability to grow market share through focused sales campaigns and enhanced products and services," the company said.

The past year had been a "defining period" for the company, which was in a position to take advantage of the scale offered by its growing global presence, Mainfreight said.

Operating revenue rose for the year to the end of March to $1.34 billion from $1.13 billion the year before, with net profit before non-recurring expenses up to $47.2m from $38.3m. Reported net profit fell to $25.7m from $36.4m, due to abnormal costs including a non-recurring non-cash deferred tax liability for tax depreciation and one-off costs associated with the acquisition of the Wim Bosman Group.

A final dividend of 11c per share is to be paid, taking the full dividend for the year to 20cps, compared to 18.5cps the year before.

Earlier this year the company bought the Netherlands-based Wim Bosman Group, with 14 branches across six European countries. The initial purchase price was 110m euros -- about $NZ205m at the time.

Comments from our readers

No comments yet