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Financial Results for the Nine Months Ended Dec 2009

Posted on 18 February 2010

MAINFREIGHT LIMITED

Financial result for the nine months ended December 2009 (Unaudited)

Mainfreight is pleased to report a net profit before abnormals of $27.26 million for the first nine months of the 2010 financial year. This is a decrease of 7.6% when compared to the same period last year. Of significance is that our third quarter saw EBITDA levels improve 14.8% over last year. Further, these third quarter results show EBITDA improved 55.6% and revenues 11.8% over the second quarter’s results. This reflects a combination of seasonal volumes and improved business performance.

Consolidated sales revenues for the nine-month period were $842.27 million, a decrease of 15.2% on the prior year. Excluding foreign exchange adjustments, the decrease is 16.6%.

EBITDA performance improved during the quarter, assisting our year to date performance to finish at just 4.2% behind the year prior at $56.80 million. Excluding foreign exchange adjustments, the decrease is 5.3%.

Trading during the third quarter was much improved in all but two business segments when compared to the previous year, and was a marked improvement over our second quarter of this financial year. The fourth quarter has seen trading remain ahead of the corresponding quarter last year, continuing the overall general improvement.