A “MORE diversified income stream” was listed as a highlight of freight forwarder Wiseway Group’s results for the six months to December 31.
Key figures included:
- Revenue of $45.1m, with a more diversified income stream
- Revenue growth across all new businesses
- Sea freight up 289% from previous corresponding period
- Imports up 170% from PCP
- Perishables up 97% from PCP.
Chief executive, Roger Tong, said they had been transforming the business to be fit for purpose in the evolving freight market between China and Australia.
“We have expanded our business platform in order to truly diversify our income, expanding our capability to take advantage of emerging trends and growing demand,” Mr Tong said.
“Export of perishables is of particular focus following Wiseway’s Australia-wide accreditation to export fruit to China. As well, our sea freight business gives optionality to our clients and supports our core air freight services.
“We have also expanded our services in imports; road transport services; and selling cargo space on behalf of airlines.”
Mr Tong said they now had a national presence with bonded warehouse capability across the Australian mainland and in Auckland, New Zealand.
“Earnings for the half year were impacted by reduced air freight volumes due to the volatile macroeconomic environment and slowing economic growth,” he said.
“As a result, air freight dry cargo, was down 17%, to $36.6m for the half. However, pleasingly we have seen growth from the new business divisions more than double. “Due to the business expansion investment in premises and people, operating costs increased. As stated in January, we have now completed all expansion projects envisioned pre-IPO.”