New Zealand freight company TIL Logistics is posting a $15.7 million loss in its first financial report.
The business joined the NZ stock market last year through a reverse listing and $21.3m in non-trading costs and one off costs were associated with that process.
Adjusted profit, excluding these adjustments, is $5.6m.
Revenue was $164m with the majority from general and specialised freight services and a growing percentage from warehousing and logistics for the six months to December 31.
Total assets increased to $159.9m with total debt dropping to $80.8m.
TIL Logistics chairman Trevor Janes says the results are “encouraging for the company”.
“TIL Logistics has the scale and capability to enter the next growth phase and, as a listed company, the business now has the platform required to turn this into a reality.
“Growth by acquisition is a part of our strategy and we have identified a number of acquisition opportunities. In addition, management are focused on continued organic growth – driving efficiencies, leveraging scale, expanding the offer and growing TIL Logistics’ existing businesses,” Janes says.
In addition to the December reverse listing other key highlights for the group include the integration of NZL Group and MOVE Logistics and new contracts between MOVE Logistics, the Ports of Auckland and Lyttelton Port.
The company has also added 30 new vehicles, including trucks and trailers, to its operation.
TIL has branches, depots and warehouses throughout the country.
Its activities include transporting and warehousing freight and co-ordinating freight movements offshore with the assistance of international partners.
Hooker Pacific and Roadstar are among some of its other well-known freight carriers.
The company also has a specialist road tanker division which is one of the largest operators in the New Zealand fuel delivery market.
