The share price of Wiseway, which describes itself as one of Australia’s top three outbound air freight logistics providers, has tumbled 80 per cent over the past 12 months.
As global supply chain glitches ease, making it easier and cheaper to shift goods around the world, listed air freight group Wiseway is struggling to get off the ground.
Wiseway tried to lease a plane to carry more cargo overseas but the deal fell through in late December.In early 2022, it announced plans to set up a new cargo hub in Chicago and tried to raise $4 million of capital in May at 17¢ per share, arguing it needed the funds to secure airline and charter plane relationships and finance expansion into new routes. But it only managed to raise half that amount.
Wiseway reported an operating loss of $5.8 million and a pre-tax loss of $7.3 million in late November, well below the $1.7 million net profit it had reported a year earlier. “The termination of this agreement will delay Wiseway’s plans to introduce an aircraft into service with a view to offering its customers enhanced services, including achieving more capacity and greater speed and agility to meet their evolving international cargo requirements, but it will not preclude Wiseway from executing its continued strategy of aircraft operations,” the company said.Wiseway declined to comment on the lease agreement or its broader business operations.
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