Freightways' earnings slump 9.5%, labour and rent costs bite

Big Chill Ruakura, temperatures down but rental costs up. (Image: Freightways)

Mon, 19 Feb 2024

It was a case of give and take for Freightways’ recently acquired Australian venture, Allied Express, which continued to deliver as the logistics and express courier group's top performer but also accounted for higher interest costs at the halfway stage.The oversize package specialist, which Freightways picked up in August 2022 for A$160 million (NZ$170m), contributed NZ$137m in revenue for the six months to December.That helped the dual Australian and New Zealand listed group's main express package and mail businesses &ndash...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

World

Bessent hails ‘productive’ US-China trade talks

Beijing says the two sides agreed to start a formal negotiation process.

The Wall Street Journal 10:30am

The Quiz Free

QuiznessDesk, Monday, May 12

Can you beat the Quizmaster?

The Quizmaster 9:15am

Markets

NZD's roller coaster ride likely to continue

Markets are in a holding pattern ahead of the outcome of the US-China tariff meeting.

Rebecca Howard 8:25am

NZD's roller coaster ride likely to continue

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Markets

Property

Summerset launches $100m bond offer

Summerset Group has launched a six-year bond offer to fund the repayment of previously issued debt. The retirement village and aged care company told the market on Monday that it is raising up to $100 million, with the potential to accept an additional $50m in oversubscriptions. ...

Staff reporters 10:15am