Solid First Half for Freightways Despite Some Hiccups; No Change to FVE
Narrow moat-rated Freightways posted flat first-half underlying EBITDA of NZD 51.8 million as a weak result from the information management, or IM, division offset ongoing growth from the core express package and business mail, or EPBM, division. Underlying net profit after tax increased 6% to NZD 29.5 million thanks to a reduced interest expense. The main concern in the result was the poor performance from the recently acquired LitSupport, which sits in the IM division, though the acquisition h...Freightways is engaged in the express package, business mail and information management industries. Co. and its subsidiaries are organized into three business segments. The Express package and business mail segment comprises network courier, point-to-point courier and postal services. The Information management segment comprises secure paper-based and electronic business information management services. The Corporate and other segment comprises corporate, financing and property management services. Co. also manages its road and air linehaul requirements through the Parceline Express and Fieldair businesses.
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