Mainfreight expects 4Q trade recovery

New Zealand-based transport company Mainfreight said its nine-month profit fell, but recent trading conditions pointed to an improvement in the fourth quarter, Dow Jones reported.

Profit before one-time charges was US$19.2 million in the nine months ended December 31, 2009, a decline of 7.6 percent compared to the same period a year earlier,.

It said its earnings before interest, tax, depreciation and amortization for the nine-month period fell 4.2 percent to $40 million compared to the first nine months of the previous year. However, it said its third-quarter Ebitda increased 14.8 percent.

The company noted weekly trading results during January and February gave the company sufficient confidence to expect the fourth quarter to show a level of improvement similar to the quarter just completed.

However, "it is still our belief that the apparent market recovery remains fragile and we retain a cautious approach," the company said.

 (source: Cargo News Asia)