Freightways posts 21pc rise in profit

The company said the robust economy helped it log sales revenue of $49 million, up 9 percent, and a consolidated profit of $3.8 million for the September quarter, compared with the same period a year ago.

Freightways said the first quarter result continued the positive trend established during its June year. It posted a 33 percent increase in annual profit to a record $13.04 million.

Outlook-wise, Freightways said it expected to continue to drive a positive performance thanks to the economy, strong branding, cost management and innovation.

"... Trading is at expectation or beyond in all Freightways brands," it said in a statement.

Courier/express freight and business mail brands continued to enjoy good demand in their market niches, with growing support from existing customers and increasing market share.

The company's information management brands enjoyed support from major facilities in Auckland and Wellington, and its logistics brand was also improving but continued to battle in a "highly competitive and fragmented" industry.

During the first quarter, Freightways' Australian parent company was taken over by Dutch-owned ABN Amro Capital Australia Pty Ltd.

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