Mainfreight earnings growth stalls as European struggle offsets record sales

Tue, 28 May 2013

May 29 (BusinessDesk) – Mainfreight confirmed earnings growth stalled in its latest year, even as it achieved record sales, as the transport group struggles to bed down its European business in the face of a weak regional economy. Earnings before interest, tax, depreciation and amortisation fell 0.5 percent to $137.5 million in the 12 months ended March 31, in line with the company’s March guidance. Sales rose about 4 percent to $1.88 billion. Net profit fell 18 percent to $65.9 million after one-time charges of about $2 million versus one-ti...

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