Freightways profit gains

Net profit rose to $16.9 million for the six months ended December 31, from $16.8 million in the same period a year earlier, the company said in a statement. Operating revenue rose 9.6% to $177.4 million while operating expenses rose 11% to $141.3 million. Earnings before interest, tax, depreciation and amortisation rose 0.6% to $31.5 million.

"In a challenging operating environment, Freightways has delivered a sound result," the company said in a statement. "Corporate costs have increased year on year, primarily to assist and support our Australian expansion."

The company's directors declared a reduced dividend of eight NZ cents per share from 9.5 cents per share last year. The company's stock fell 0.6% to $3.10.

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