Mainfreight enjoys solid half-year

Mainfreight says its estimated before-tax profit for the first half of its financial year has improved by nearly 66 per cent to $301.7 million.

Estimated revenue after 26 weeks’ trading had improved by 32.5 per cent to $3.01 billion, the international transport and logistics company said in a market update during an investor day presentation yesterday.

The NZX-listed company will post its halfyear results on November 10.

A presentation by group managing director Don Braid and senior managers took investors through the company’s global situation and outlook, region by region.

New Zealand operations had shown good momentum in the 26 weeks, with all divisions trading ahead for the year to date.

Profit before tax for the six months was up 55.2 per cent at $75m. Revenue was up

29.6 per cent at $645m. Mainfreight’s Europe operation showed an 87.6 per cent lift in profit before tax to €23.6m ($40.6m) and a revenue increase of

27.2 per cent to €331m.

In Australia, profit before tax was up 42.2 per cent at A$63m ($69m) and revenue 33 per cent higher at A$698m.

In the Americas division, profit before tax for the six months was 69 per cent up at US$59m (S103m) and revenue had lifted 27.7 per cent to US$563m.

And for Asia, profit before tax was up 37.7 per cent to US$16m for the six months to date, on a 9.1 per cent fall in revenue to US$100m.