Mainfreight more than doubles interim profit

Transport and logistics company Mainfreight said yesterday that its interim profit more than doubled from a year ago and the third quarter had been busy so far.

Profit after tax rose to $2.51 million in the six months to September 30 from $1.15 million in the same period last year on a 6 per cent rise in revenue to $210 million.

The company will pay an interim dividend of 3c a share, which is unchanged from last year but it will be paid to a larger base after a one for 10 bonus issue in September.

"Tonnages in this third quarter that we are in now are extremely positive," group managing director Don Baird said. The third quarter is the industry's busiest.

A breakdown of earnings before interest, tax, depreciation and amortisation showed Mainfreight cut the losses from its domestic Australian business to $1.64 million from $2.1 million, while the international business from Australia contributed $2.66 million to the interim. New Zealand contributed $7.7 million.

Mainfreight shares rose 4c to close at $1.07 yesterday.