Mainfreight posts strong revenues, profit in first quarter

New Zealand's Mainfreight Ltd saw its net profit and revenue move up strongly in the first three months of the current financial year and it expects the trend to continue throughout the first half, reported Dow Jones Newswires.

The Auckland-based company said its net surplus after taxation and abnormals was US$4.84 million in the first three months of the new financial year that will end March 31, compared with $1.95 million in the prior year. Total revenue increased 20.5 percent from the prior year.

"Business performance in all countries where we are domiciled; New Zealand, Australia, China and the United States during the first three months of the financial year improved following the trading trend of the previous six months," the company said.

It said trading in July and August in Asia and the US continued this momentum, although trading in Australia and New Zealand, while ahead of the prior year, has been slightly inconsistent.

It said that while it remains cautious, "we expect to maintain similar momentum for our half-year result as seen in this first quarter".
(Source:www.cargonewsasia.com)