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Freightways profit up in first quarter

NZ Newswire logoNZ Newswire 26/10/2016 Fiona Rotherham

Courier and information management company Freightways has reported an upbeat start to the 2017 financial year.

In a first quarter update at the company's annual meeting in Auckland, Freightways reported a 5.6 per cent rise in operating revenue to $133 million for the three months ended September 30, while net profit rose 9.9 per cent to $14.8m.

Freightways has been a solid performer since listing on the NZX in 2003, having only once reported reduced earnings in the year following the global financial crisis.

Managing director Dean Bracewell said the first quarter results represent a "sound start to the financial year" and show the New Zealand economy is doing well with a definite pick-up in the regions following a downturn last year due to lower dairy prices.

"When our customers are busier, we're busier. We've also gained some good quality market share as well," he said.

Mr Bracewell said volumes and activity in the first quarter support its expectations of again improving year-on-year performance though the company never provides a guidance number.

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