13 Nov 2012

Mainfreight down due to European performance

12:25 pm on 13 November 2012

Shares in Mainfreight have fallen 20 cents to $10.20 each following a poor trading performance by its European division due to economic weakness in the region.

After tax profit for the transport and logistics company fell 4.6% to $27.7 million for the six months to September, compared with the same period last year.

Gross earnings fell 5.1% to $61.1 million, down on last year's record of $64.4 million.

However, stripping out the European arm, the company's gross earnings rose 15% to $52.7 million.

Managing director Don Braid said the European summer holiday also had an impact on the results.

He said Mainfreight is confident of maintaining growth and profitability and expects to see its European returns improve.