Mainfreight net profit plunges 42.6% as market 'normalises'

Don Braid says performance mirrors toughest recorded conditions. (Image: NZME)

Thu, 09 Nov 2023

Mainfreight managing director Don Braid says more than a one-fifth drop in revenues and a 42.6% drop in net profit reflects a more “normalised” trading environment for the logistics and transport multinational.Net profit was at $124.6 million from $217m, with revenues down 21.6% at $2.36 billion for the half-year to September, compared to $3b for the comparable period.The results were in line with and even slightly ahead of market expectation, with Forsyth Barr analysts last week forecasting a 44% decline in pre-tax profit...

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