Freight company TIL Logistics has cut its earnings expectations as its sales suffer.
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The New Plymouth-based company, which specialised in transporting heavy machinery and fuel, said its half year earnings before one-offs would be between $8.4 million and $8.8m, compared with $14.1m the year before.
"While market share has been retained across all divisions, sales volumes have been affected, particularly in the freight division, with increasing competitive pricing pressure ... and a softer Christmas trading period than anticipated, as well as the loss of a significant customer," the company said in a market update.
As a result it will not pay shareholders a dividend for the six month period, however planned to resume payouts in the second half.
It was in talks with its bank, ASB, to change its financing arrangements and was bidding for a number of multi-million dollar contracts.
The company will release its half year result for the six months ended December next month.