Wiseway reports strong quarter for T&L


All modes up, particularly Australian road freight

Wiseway reports strong quarter for T&L
Road operations have boomed

 

Integrated logistics firm Wiseway has reported strong December-quarter revenue gains in its most important lines.

The listed firm’s Airtruck Road Transportation arm led the way in percentage terms, up 89% on previous corresponding period (pcp), from $900,000 to $1.7 million.

This was followed by a 68% rise for its imports and distribution business, from $2.5 million to $4.2 million and perishables income, up 62% from $6.9 million to $11.2 million.

It’s most valuable operation, airfreight, gained 6%, from $23.5 million to $25 million, while sea freight was up 7% to $1.5 million.


Read how Wiseway performed last financial year, here


"We saw solid performance across our key business segments amid challenging market conditions," CEO Roger Tong said.

"Revenue continued to increase in our growth business segments including road transportation, imports and distribution and perishables which demonstrates Wiseway’s increasingly diversified business model.

"Meanwhile, air freight dry cargo volume steadily grew compared to pcp and to Q1 FY22, despite the ongoing supply chain disruptions and the impact of Covid-19 on international flights.

"Our strategic investment program continues to deliver new and organic growth opportunities, increased supply chain efficiencies and revenue synergies with revenue from the offshore operations in China, the newly acquired Singapore business and the US operations starting to flow."

The company announced that its wholly owned subsidiary, Wiseway Shanghai International Logistics Company Limited (Wiseway China), has obtained international certification from the International Air Transport Association (IATA).

"This strengthens the Company’s long-standing strategic industry relationships and enables it to deal directly with leading global airlines to address their expanding cargo transportation needs across the Wiseway network around the world," it stated.

Despite ongoing challenges in the operating environment globally, including the spread of the Covid-19 Omicron variant, Wiseway said that it remains cautiously optimistic that the freight and logistics industry growth is expected to continue, as the pressures on international supply chains begin to ease in the future.

 

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