New Zealand company Freightways is reporting increased revenue but lower profit in its half year results.
The report to December 31 shows overall operating revenue for the express package services firm up 7.1% to $292.1 million.
However, net profit fell 7.6% to $31.4 million compared to $34 million the previous year which included a $4.5 million one-time gain.
The express package and business mail division operates in the domestic market through New Zealand Couriers, Post Haste, Castle Parcels, NOW Couriers, SUB60, Security Express, Kiwi Express, Stuck, Pass The Parcel, DX Mail and Dataprint.
The business has made recent investments in aircrafts and now have three Boeing 737-400s and also charter a Convair when required. The introduction of a fourth aircraft is being considered.
The relocation of the Christchurch express package businesses from four independent sites to one purpose-built airside facility at Christchurch Airport was completed during the year.
New Zealand Couriers also relocated to a larger Auckland site on the North Shore last October with Post Haste and Castle Parcels to follow in July 2018.
The company statement says its New Zealand and Australia markets “remain positive” with growth in express package volume and year-on-year earnings growth.
Its overall capital expenditure for the 2018 financial year is expected to be around $16 million with operating cash flows expected to “remain strong”.
