The financial results posted by Mainfreight showcased its first-quarter profit increased by two-folds. But, the Company is watchful for its results in New Zealand and Australian markets.
"There has been a strong pickup in earnings at its Asian and US business, and while the New Zealand and Australian businesses are also improving, he remains cautious about their outlook", said Don Braid, Managing Director of Mainfreight.
The Company's profit of first-quarter, ended on June, increased to $6.8 million, as compared to the same period's profit of $2.8 million last year. Earnings before interest, tax, depreciation and amortization climbed up
32.4% to $NZ15.5 million.
The revenue of Mainfreight advanced 20.5% to $NZ315.3 million than the previous year. The sales revenue climbed up 8% to $NZ67.1 million
If the one-off charges are not included, the profits went up almost 60.5%.
As told by the Company, its business remained fruitful in the first three months of this current financial year in New Zealand, Australia, China and the US, in line with the past six months performance. The trading pace was consistent in the markets of Asia and the US in July and August. Though enhanced, it remained unleveled in the economies of Australia and New Zealand.
The sales revenues increased 27.75 to $NZ56.1 million in Australian International division of the Company, while EBITDA dropped 22.4% to $NZ1.2 million on account of competition. At the New Zealand International division, the revenues were up by 21.6% to $NZ28.2 million and EBITDA rose 15.6% to $920,000.
In the US, the revenue advanced 23.8% to $NZ105 million and EBITDA climbed up to $NZ3.2 million.