Freightways reported a 33% fall in full year net profit to $23.16 million, although when a $5.7m abnormal tax charge was excluded the result was down just 2% from the previous year at $28.9 million.The tax charge was related to the government's budget in
Freightways reported a 33% fall in full year net profit to $23.16 million, although when a $5.7m abnormal tax charge was excluded the result was down just 2% from the previous year at $28.9 million.
The tax charge was related to the government's budget in May, which cut the corporate tax rate and removed tax deductibility on depreciation for buildings with a life of 50 years or more.
Revenue for the year to June 30 was down 3% to $328.47m, although 2% down when the previous year result was normalised, Freightways said today.
Second half revenue was 1% above the normalised figure from a year ago, compared to the first half revenue which was 4% below the year ago figure.
Freightways' performance in the second half of the year showed good improvement compared to a year earlier, chairman Wayne Boyd and managing director Dean Bracewell said today.
As a result the company had been able to declare a fully imputed 7c a share final dividend. That compares to 8.5c last year.
Mr Boyd and Mr Bracewell noted the company had yet to see a sustained, across-the-board improvement in all its businesses, indicating continuing market uncertainty and suggesting the impact on Freightways of an improving economy would continue to be gradual.
