Western Areas sends first shipment of nickel to China
Coal hauls Asciano back into the black
Coal haulage has helped bring Asciano out of the red with the rail and ports operator posting a net profit after tax of $79 million for the first half of the year.
By Sineva Toevai - www.lloydslistdcn.com.au
The after tax result for the six months ended December 31st was a significant turnaround on the $93 million loss the group posted in the previous corresponding period.
The result was achieved despite a revenue fall of 4 per cent to $1.43 billion.
“We continued to see strong volume growth in coal haulage operations as we successfully commenced operations in Queensland to supplement continued growth in our New South Wales volumes,” Asciano managing director Mark Rowsthorn said.
“This volume growth offset continuing soft volumes in a number of our non-bulk operations."
The company was this week rewarded with investment grades credit ratings by Standard & Poor’s (BBB-) and Moody’s (Baa3) for halving its gearing levels.
The emergence of positive trends in volumes handled by Asciano indicated that the worst of the global economic crunch was over, Rowsthorn said.
“While we may see some slowing of momentum in coming months following the inventory rebuilding that occurred during the December quarter, the medium-term outlook for our business is more positive today than it has been for the past 18 months,” he said.
As a result, Asciano now expected full-year earnings before interest, tax, depreciation and amortisation (ebitda) to be at the top end of its guidance range of $675-700 million.
Asciano’s Pacific National Coal division posted a 47 per cent surge in ebitda to $98 million due to solid growth in the Hunter Valley and the early start of coal haulage operations in Queensland.
Pacific National Intermodal's ebitda rose 6.2 per cent to $117 million despite a 16 per cent fall in revenue to $427 million.
A fall in container lifts dampened the earnings of Patrick Container Ports to $109-118 million last year with Fremantle and Melbourne proving to be the weakest links.
The Auto, Bulk & General Stevedoring unit delivered mixed results with motor vehicle transport and storage volumes recording falls for the half year while bulk rail volumes rose.
Overall ebitda for the division declined 12 per cent to $56 million and revenue fell 7 per cent.
Source: Lloyd's List Daily Commercial News - www.lloydslistdcn.com.au
