Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mainfreight earnings hurt by Australian business

Mainfreight earnings lag last year’s, Australian unit struggles as parcel business weighs

July 31 (BusinessDesk) - Mainfreight, the international logistics firm, has told shareholders earnings are a little behind a year ago, and is quitting parcel freight in Australia as the business weighs on its unit across the Tasman

Managing director Don Braid told shareholders at today’s annual meeting earnings before interest, tax, depreciation and amortisation to the end of May were 2.5 percent behind the same time a year earlier as “conditions remain difficult.”

Australian trading has been deteriorating in recent months as Mainfreight quits the parcel freight business, which was eroding margins in the unit, Braid said.

“In an effort to improve our facilities in Australia, we have committed major investment for new builds in Brisbane and Melbourne,” he said. “We expect the Brisbane facility to be ready mid-2014 and Melbourne a year later.”

The New Zealand unit’s earnings was tracking slightly ahead of last year, while the US was in line, and more improvement is needed in the American market as the year goes on, he said.

Braid said the company is still on the hunt for acquisition opportunities offering scale and to aid Mainfreight’s global aspirations, and while regularly approached with offers, pickings were slim.

European earnings are still disappointing, though Mainfreight is still progressing with talks to reach a settlement with the former owners of Wim Bosman over the loss of a major customer.

The shares fell 2.5 percent to $10.75 in trading today, and have slipped 5.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>

ALSO:

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: