Recommended.co.nz | Guide2.co.nz | Voxy.co.nz | Gimme.co.nz
Homepage | login or create an account

Freightways Earnings Fall, But Increases In Profits In Q3 Result

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 29 NZPA - NZX-listed delivery and transport company Freightways made $7 million profit for the September quarter, despite a decline in revenue of 5 percent.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) fell 5 percent to $15.1m from last quarter's $15.94m .

Freightways' total revenue was $81.76m, also down 5 percent from the previous quarter's $86m.

However, the company's net profit after tax increased 2 percent to $7m from $6.84m last quarter -- demonstrating the resilience of the company's business model and an improved operating environment, managing director Dean Bracewell said.

"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," he said.

The company was expecting strong cashflows through the year and was "well positioned to benefit from an improving Australasian economy," he said.

The company's shares on the New Zealand Stock Exchange fell 8 cents in morning trading to $3.07.

About guide2.co.nz : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.