Freightways heads for positive full-year result

For the nine months ended March the company has recorded earnings before interest, tax and amortisation of $19.9 million, up from $17.4 million for the same period last year.

Revenue for the nine months was $137.8 million, a 4% increase compared with last year.

Chairman, Michael Butler, says the consolidated profit after tax attributable to members of $9.7 million comfortably covered the preference share dividend obligations for the period of $3 million. It was 48% higher than the same time last year.

"The results for the nine months ended March 2002 have been particularly strong and the company continues its outstanding performance as it approaches the end of the financial year.

"Your directors are confident that Freightways has the market positioning to deliver ongoing strong financial performance. This belief is underpinned by the success of the company's robust market strategies and the ongoing commitment of its employees and contractors."

MD Dean Bracewell says the key drivers for the company's performance have been a surge in courier/express freight volumes from existing customers, increasing market share and ongoing efficiency improvements and cost containment.

"The positive New Zealand economy has underpinned the increased activity experienced by Freightways, as has the disciplined implementation of Freightways' growth strategies."

Mr Butler says the potential sale of Freightways by its parent company Ausdoc Group is in progress with a number of interested parties submitting bids after doing due diligence during February and March.

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