18 February 2010

Financial Results for the Nine Months Ended Dec 2009


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.



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