Mainfreight reports first profit drop in 14 years

Mainfreight has reported a 35% decline in net profit after tax for the year ending March 2024, marking the first decrease in 14 years.

However, this drop in profit was against a record high in the previous year.

The company expects the decline in tax-paid profits to continue into the current year, but at a lower level than the past year.

While Mainfreight anticipates further profitability improvements in New Zealand and Australia, it believes that meaningful improvements in its other regions - Asia, Europe, and the United States - will take time.

Mainfreight expressed regret at not being included in the group making decisions for the future of Cook Strait rail ferry services, considering it is the fourth largest customer of KiwiRail in New Zealand.

The company also announced the appointment of two new directors to its board: Hayley Buckley and Annie Steel.