The closure of the Dick Smith electronics retail chain, as well as lower fuel prices, depressed sea freight prices, lower sea freight volumes and fewer customers, saw a 1.8% decline in year on year revenue for listed logistics and freight operator Fliway.
Fliway’s end of year report to the NZX says that revenue for FY2016 fell to $82.6m from $84.2m in the previous year.
However, the international logistics company says underlying earnings before interest, tax, and amortization increased 20.5% to $10.8 million for FY2016 from $9m in the previous period.
In the report submitted to the NZX, Chair Craig Stobo says Fliway has delivered a solid result for the 2016 financial year; he admitted the outlook is challenging but says the company has a solid platform from which to operate.
