Fliway first-half profit falls 39% as lost customer, Kaikoura quake hits earnings

Tue, 07 Feb 2017

By Paul McBeth Feb. 8 (BusinessDesk) - Fliway Group first-half profit dropped 39 percent as the impact of a major customer's exit and higher freight costs caused by last November's Kaikoura earthquake weighed on the transport and logistics group. Net profit fell to $2.2 million, or 4.8 cents per share, in the six months ended Dec. 31, from $3.6 million, or 7.9 cents a year earlier, the Auckland-based company said in a statement. Revenue slipped 1.4 percent to $43.2 million as a new customer won in December and upgrades to existing client...

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