Mainfreight still hurting from across the ditch

By Phil Boeyen, ShareChat Business News Editor

Wednesday 22nd August 2001

Transport company Mainfreight (NZSE: MFT) has lost $211,000 in the first three months of the year, dragged down once again by losses in Australia.

The first quarter result compares with a $99,000 surplus for the same period last year. Group earnings before interest, tax, depreciation and amortisation was $3.46 million, down from $4.15 million previously.

Earnings were affected by the company's Australian domestic division's Ebitda loss of $1.35 million for the period. Sales for the division fell 36.7%.

The company says the loss is a considerably better performance than the previous quarter's deficit of $2.89 million, and the December quarter's $1.93 million loss.

"This improvement is expected to continue throughout the year, with cost savings, sales and margin improvement and seasonally better tonnages assisting," Mainfreight says.

On a divisional basis NZ domestic forwarding and logistics Ebitda grew 8.1% to $3.56 million while NZ international operations Ebitda increased from $72,000 to $517,000.

Australian international operations also increased, from $611,000 to $733,000.

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