Mainfreight full year profit little changed before items, dividend maintained

Thursday 28th May 2009

Mainfreight posted a full-year profit little changed from a year earlier and kept its dividend unchanged, saying the result was 'a significant achievement in a tough economic climate'.

Profit before items was $40 million, from the year-earlier record $40.8 million on the same basis, the company said in a statement today.

Revenue climbed 39% to a record $1.27 billion. One-time items, including provisions for surplus leases, pushed net profit down to $35.5 million.

The result is "a significant achievement in the current economic climate and has required a great deal of effort and sacrifice on the part of our team worldwide," the company said. "The uncertain economic environment has seen reduced volumes across all sectors of the logistics industry," it said. “We expect to see volumes continue to decline for the immediate future and this will affect our profitability in the coming year."

Mainfreight will pay a final dividend of 10 cents a share, making 18 cents for the year, unchanged from 2008’s payments.

The shares were unchanged at $4.90 yesterday and have inched up 1.7% this year.

Businesswire.co.nz

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