Freightways, New Zealand's renowned delivery and transport company, has revealed its third-quarter figures and reported that although the revenue has fallen 5%, there has been a profit of $7 Million. The figures reported are for three months up-to September end.
While, on one hand, the firm's earnings plunged 5% to currently stand at $15.1 Million in contrast to last year's $15.94 Million, the net profit reported, on the other hand, showed a 2% increase and now stood at $7 Million in comparison to $6.84 Million reported last year for the same period.
Total revenue reported by Freightways was also down 5% to $81.76 Million compared to last year's same period revenue of $86 Million. "While it appears that an economic recovery is under way, the recovery in our view remains fragile and as a consequence volatility is ever present", said the company Managing Director Dean Bracewell.
Freightways was expecting a stronger result this year, but despite the disappointment, for the coming year, the company is optimistic that it will stabilize and post better figures. In the morning trading, however, Freightways shares fell by 8 cents and per share rate was reported as $3.07 by the New Zealand Stock Exchange.
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