2011 1st quarter results for Mainfreight Ltd [MFT.NZX] out yesterday were significantly higher than the comparable 2009 figures.
Excluding abnormals the result was a net profit of $6.82 million for the first three months of the 2011 financial year; an increase of 148.2% on the previous year’s result of $2.75 million (excluding abnormals the increase was 69.5%).
Key Points
* Net profit of $6.82 million for the first three months of the 2011. An increase of 148.2% on the previous year’s result of $2.75 million (excluding abnormals the increase was 69.5%).
*Revenue increased by 20.5% to $315.25 million, from $261.67 million in the comparative period last year (excluding foreign exchange, this represents an increase of 27.8%).
* With the exception of Australasia Mainfreight has experienced growth momentum for all their business operations.
* Large profit upswing for first quarter of 2011 financial year are compared to 2009 figures which were well down on 2008.
This must be put in perspective though that the comparable 2009 figure was down more than 50% on the 2008 results. Having said that the 2010 first quarter shows a nearly 20% increase in net profit on the more relevant 2008 figures.
All important revenue figures were up by 20.5% to $315.25 million, from $261.67 million in the comparative period last year (excluding foreign exchange, this represents an increase of 27.8%).
The comparable 2009 revenue figures were down 17.2% on 2008 figures (after foreign exchange adjustments) so the company has lifted revenue back to around where it was in 2008.
Much of this quarters profit rise then came from cost savings.
All their divisions; New Zealand, Australia, China and The United States showed an improvement in operating performance.
July and August management say has also continued an upward trend.
Once again the outlook for the company is cautious and management expect to see a continuation of the current upward trend with a continuation of their focus on the costs savings that have made management of their business over the last 2 years of recession one of the best on the New Zealand stock exchange.
As the global economy is in quite a fragile state, this quarter must be put in the context of the next 3 quarters for the company and then we can give a true judgement of the 2011 performance of the company.
10 out of 10.
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