Freightways half year profit jumps

Freightways today reported a 46 per cent jump in its half year net profit.

The courier firm reported a net profit of $11 million for the half year ended December, up from $7.7 million for the same period the previous year.

Earnings before interest tax and amortisation (ebita) rose 28 per cent to $26 million.

A fully imputed interim dividend of 7.5 cents per share will be paid on March 31, up from 5.85cps.

Earnings per share were 9.1 cps, up from 7.6 cps.

Freightways owns New Zealand Couriers, Castle Parcels, Poste Haste and Sub 60 couriers as well as business mail and information management businesses.

Looking ahead to the full year result, the company said the outlook was positive and it expected to post a strong return.

Shares in Freightways, which listed in September 2003, last traded at $3.20, having ranged between $2.09 and $3.25 over the past 12 months.

- NZPA