UPDATED: Mainfreight shares tumbled this morning after the trucking company reported lower than expected third quarter results with freight volumes flat in the three months to December.

Mainfreight expects the momentum behind its record interim result to continue in the third quarter.

Net profit for first quarter up 109% on last year.

Mainfreight has reached a record net profit before abnormal items of $47.2 million, but has also been stung by a $16.9 million deferred tax bill.

Mainfreight delivered a strong result but its share price fell 2.3% as profit-taking took over as the main theme in many markets.

Transport and logistics company Mainfreight has reported a rapidly growing surplus for the three months to June, up 148.2% to $6.82 million, after tax and abnormals, and predicts more growth ahead.

This morning the company announced its revenue grew 20.2% to $315.25 from $216.67 million during the same period last year.

Mainfreight’s reported ebitda was up 32.4% to $15.52 million from $11.72 million.