Business growth in current climate boosts Wiseway’s revenue by $3.7m

Leading freight logistics operator from Australia to China has announced an increase of $3.7 million in unaudited sales revenue.

In a trading update for its first calendar quarter for 2020, Wiseway Group Limited (Wiseway) highlighted unaudited sales revenue of $25.1 million, an increase of $3.7 million or 17 per cent on the previous corresponding period.

The China-focused group stated that this is due to growth in new business divisions including perishables and major new Australian customer wins due to the business maintaining its freight capacity in a tightening market.

Wiseway reported that it has higher freight volumes of 19,127 tonnes, up by 10 per cent largely from stronger sea freight.

As an essential service provider during the Covid-19 pandemic, Wiseway notes it has continued to operate its import and export services between Australia and China.

Roger Tong, Wiseway CEO said the company has seen demand for its services grow in this period and Wiseway have been able to leverage the scale and flexibility of its global logistics platform to meet increased demand.

“In particular we have seen strong growth in business from new customers for our perishables freight offering from a number of large Australian exporters. As a result, we reached a milestone of two million kilograms of freight forwarded in our new perishables business this quarter,” Roger said.

Revenue for the financial year to date was higher, $69.8 million, up 2 per cent on the previous corresponding period.

Wiseway stated that demand for logistics services remains high. However, due to the unprecedented nature of this global pandemic, this may vary as the situation develops over time.

“The breadth and depth of our diversified logistics services, our highly experienced management team, and the risk management plans we have put in place, position Wiseway to actively manage its operations and maximise its outcomes in the prevailing operating environment,” The company said in a statement.

“We are proud that as an organisation we are able to continue to provide this essential service and support international trade at a time when it is most needed,” Roger said.

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