There was a 45 per cent decline in net profit at Knutsford Express during the quarter ended August 31.
In its financial results published yesterday, the listed company said profit was $47. 7 million versus $88 million during the same period last year.
Knutsford Express explained that this was due to expenses associated with refurbishment of its fleet and the build out of new routes.
The company however recorded a near 11 per cent increase in revenue which amounted to $324 million. It linked the improvement to increased demand for its transport services.