ASX-listed freight and logistics operator Wiseway said its first-half results showed a “turnaround” in its Australian business compared with the previous six-month period.
Over the six months to 31 December 2022 (the first half of the 2023 financial year), the company reported a net loss before tax of $3.7 million.
This was a significant improvement on the second half of the previous financial year when the business posted a loss of nearly $10 million.
However, it was still below its first-half profit of $1.8 million for the 2022 financial year.
The company reported a revenue for the first half of the 2023 financial year of $55 mililon and an EBITDA of $506,000.
The company said its core Australian divisions had a “solid” performance, with revenue growth in the perishables (a 79% increase), freight (23% increase) and imports (23% increase) divisions.
Wiseway co-founder and managing director Florence Tong said there had been a “significant turnaround” in profitability compared to the previous period.
“Our Australian business has consistently performed and delivered profits and value for our shareholders. It is pleasing to see the company’s imports operations rebound and our perishables divisions doing very well throughout the period,” she said.
“Wiseway’s overseas operations have seen mixed results in 1H23 as the company continues to invest in building its global network. Achieving growth and profitability in Wiseway’s overseas operations will be a key focus for management in the coming months.”
Ms Tong said the company’s management believes that business performance will improve in the coming 12 months as these impacts abate.
“Importantly, we are seeing early indications that sales volumes are rising across the board. With China’s re-opening this calendar year, we should see a marked pick-up across relevant sectors,” she said.
“The group has maintained solid revenue growth in our Australian business division. This provides a springboard for Wiseway’s international business divisions to gain momentum and attract more customers as we work towards sustainable profitability in our new growth segments.”
