Brief: Mainfreight Says Deemed An Essential Service Provider Across All Global Operations

Mainfreight

07/04/2020 21:55

April 8 (Reuters) - Mainfreight Ltd  MFT.NZ :
    * DEEMED AN ESSENTIAL SERVICE PROVIDER ACROSS ALL GLOBAL
OPERATIONS
    * NEW ZEALAND OPERATIONS EXPECT A DIFFICULT MONTH OF TRADING
THROUGH APRIL
    * WITH BLANK SAILINGS RISING AND SHIPPING ORDERS DECLINING
FOR MAY
SHIPMENTS, WE EXPECT AN IMPACT IN OUR MAY FINANCIALS
    * TOTAL SALES REVENUES FOR FIRST WEEK OF APRIL DECLINED
GLOBALLY
BY 7% YOY
    * CURRENT DEBT FACILITIES TOTAL $500 MILLION, OF WHICH $230
MILLION REMAINED UNDRAWN AT 31 MARCH
    * APRIL OUTLOOK FOR ASIA IS REASONABLY POSITIVE
    * CAPITAL EXPENDITURE OF $120 MILLION HAS BEEN DEFERRED
    * OUTLOOK FOR EUROPE REMAINS POSITIVE
    * COMMITTED CAPITAL EXPENDITURE OF $78 MILLION FOR CURRENT
CONSTRUCTION PROJECTS IN 2021
    * MANAGING DIRECTOR'S SALARY AND OTHER DIRECTORS' FEES
REDUCTION
OF 50% IN EFFECT FOR FORESEEABLE FUTURE.
    * USUAL ANNUAL WAGE AND SALARY REVIEW HAS BEEN DEFERRED, AND
A
HIRING FREEZE IS IN PLACE
    * OUTLOOK FOR APRIL AND MAY FOR AMERICAS IS NOT AS BAD AS
EXPECTED
    * ASSISTANCE TO OWNER OPERATORS WITH BOTH FINANCIAL LEASE
AND
GOVERNMENT WAGE RELIEF NEGOTIATIONS HAS BEEN ONGOING
    * TRADING THROUGH APRIL IS EXPECTED TO BE SIGNIFICANTLY
REDUCED
FROM PRIOR YEAR

Source text for Eikon:  ID:nNZWc5zk8h 
Further company coverage:  MFT.NZ 

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